Shares of Coinbase Global (NASDAQ: COIN) rose 27.8% in the first half of 2024, according to data from S&P Global Market Intelligence.

Following the Securities and Exchange Commission's approval of spot Bitcoin ETFs earlier this year, the cryptocurrency exchange operator benefited from strong Bitcoin prices. Active cryptocurrency trading benefited Coinbase's platform, which saw volume surge higher in the first quarter.

As one of the largest cryptocurrency trading exchanges, Coinbase performs well when volume increases, since transaction revenue makes up a significant chunk of its overall business.

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Source Fool.com