Coinbase Global Inc. shares rose 6.7% in pre-market trading to $170.96 on Tuesday, extending gains beyond Monday’s close of $160.20 as Bitcoin surpassed $70,000 for the first time since early June 2026. The advance followed the largest crypto short squeeze on record, with $2.7 billion in short positions liquidated over 24 hours, including over $1 billion in Bitcoin shorts cleared in roughly one hour.
The broader U.S. equity market showed little movement, with the S&P 500 down 0.04% and the Nasdaq up 0.06%. Peer trading firms also gained ground, with Strategy and Coinbase rising over 7%, Bit Digital and Circle up over 6%, and Robinhood, MARA Holdings, and Bullish each advancing more than 4%.
The surge in Coinbase shares and crypto prices coincided with a high-profile meeting at the White House on August 19, where President Trump convened with crypto industry leaders, including Coinbase CEO Brian Armstrong. Trump publicly urged Congress to pass the CLARITY Act, legislation aimed at clarifying whether crypto tokens are securities or commodities and delineating regulatory authority between the SEC and CFTC.
Brian Armstrong, Coinbase’s CEO, has publicly forecast a bipartisan Congressional vote on the CLARITY Act by September 15, 2026, suggesting it could catalyze an October rally in crypto markets. Coinbase’s stock remains significantly below its 52-week high of $402.16, despite the recent gains.
