KEY POINTS
- Coinbase jumped about 12% to around US$179, leading a broad rally in crypto-linked shares.
- Strategy and Hut 8 each rose about 5%, while Bitcoin gained around 4% to roughly US$66,800.
- The trigger is the CLARITY Act, a major crypto bill now heading for a Senate floor vote this week.
- Our view: the bill matters enormously for Coinbase, but investors have rallied on this same news before and given the gains straight back.
Coinbase (NASDAQ:COIN) shares jumped about 12% on Tuesday to around US$179, leading a rally across crypto-linked stocks. Strategy and Hut 8 both rose roughly 5%, while Bitcoin climbed about 4%. The reason is a piece of legislation called the CLARITY Act, which is finally reaching a vote in the US Senate. If it…
