Coinbase continues gains for seven straight sessions

Coinbase ( NASDAQ: COIN ) continued gains for seven straight sessions as the stock closed 1.59% higher, at $386.07 on Monday. The cryptocurrency exchange gained more than 20% in the past six trading sessions. The stock has gained more than 55% so far this year, compared to an over 14% gain in the broader benchmark index. COIN is up 29% over the past one month. The stock closed 2.14% higher, at $380.02 on Friday. Coinbase said on Monday that it has applied for a national trust company charter from the U.S. Office of the Comptroller of the Currency to grow its crypto custody business. This particular kind of license would let Coinbase operate as a federally regulated trust company, giving the crypto exchange the ability to offer custody and related banking services across the U.S. under one federal license instead of dealing with many state-by-state rules. The rise in Coinbase ( COIN ) shares can also be attributed to Bitcoin ( BTC-USD ) reaching another record high over the weekend, with crypto investment products recording historic inflows. BTIG last week started coverage on Coinbase with a Buy rating , as analyst Andrew Harte believes the company is well-positioned to benefit from both increased digital asset adoption over the near term and diversification efforts eventually. Seeking Alpha’s Quant rating system and SA authors have rated the stock HOLD, while sell-side analysts see the stock as BUY. More on Coinbase Coinbase: A Bullish Year-End Could Spark A Multiple Expansion Coinbase: A Risky Bet As Trading Fervor Cools Down Coinbase: A Show-Me Story Under The New Regulatory Regime (Rating Downgrade) Coinbase seeks national trust charter to expand crypto custody business Coinbase rated new Buy at BTIG on diversification, crypto adoption