Shares of crypto exchange Coinbase (COIN) climbed to their highest level since its April 2021 Nasdaq debut on Thursday, bringing the stock nearly full circle after plunging more than 90% during the depths of 2022’s crypto winter.

COIN hit $382 Thursday before paring some of the gains and closed higher by 5.5%. The stock’s more than doubled since plunging alongside April’s tariff-induced market panic.

Coinbase’s 2021 listing marked a watershed moment for the digital asset industry, but also signaled a peak in crypto. The stock rose as high as $382 before sliding over 90% amid the prolonged 2022 bear market.

Now, investors are increasingly positioning Coinbase as a long-term winner in the next phase of crypto growth, defined by rising…