Coinbase CEO confirms 'relentless' buying spree as S&P stock hits new ATH originally appeared on TheStreet.

The stock of Coinbase (Nasdaq: COIN), the largest U.S.-based crypto exchange, surged to a new all-time high (ATH) of $381.35 on June 26.

The bullish rally came on the heels of the exchange announcing the launch of crypto-linked perpetual-style futures contracts in the U.S.

Perpetual-style futures derivatives are like usual futures, but as the name suggests, they don't expire at a certain fixed date. Set to be launched on July 21, Coinbase's nano Bitcoin (0.01 BTC) and nano Ethereum (0.10 ETH) perpetual-style futures contracts will track the spot prices of the corresponding crypto assets while offering leverage.

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Founded in 2012, Coinbase went public on Nasdaq in April 2021. It became the first crypto exchange to join the S&P 500 club in May 2025, and now, thanks to the excitement around the launch of perpetual-style futures ahead, the stock has hit a new record high.

David Bailey, the CEO of BTC Inc. and the owner of Bitcoin Magazine, congratulated Coinbase CEO Brian Armstrong on the achievement and urged him to build "a proper Bitcoin treasury."

Armstrong confirmed on X that the exchange is indeed buying more Bitcoin every week, going long on the king coin.

However, the CEO fell short of commenting on the firm's plan, or lack thereof, to build a corporate Bitcoin treasury.

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Notably, Armstrong told Bloomberg in a video call on May 9 that the exchange considered following the example of Michael Saylor's Strategy (Nasdaq: MSTR) — the largest public corporate BTC holder — in adding Bitcoin to its balance sheet but decided against it out of concern that the move would kill the crypto exchange.

As per Bitcoin Treasuries, Coinbase holds 9,267 BTC worth $993 million on its balance sheet, making it the tenth-largest public corporate holder of Bitcoin.

The COIN stock was exchanging hands at $375.66 in pre-market hours on June 27.

As per Kraken, Bitcoin was trading at $107,209.21 at press time, up nearly 75% a year.

Coinbase CEO confirms 'relentless' buying spree as S&P stock hits new ATH first appeared on TheStreet on Jun 27, 2025

This story was originally reported by TheStreet on Jun 27, 2025, where it first appeared.