After Coinbase announced a partnership with BlackRock, its institutional clients will be able to buy bitcoin.
A share of Coinbase gained 25.2% at the close. A 40% jump had been recorded earlier in the day.
A portfolio management platform for institutional investors, Aladdin, will offer Prime services to BlackRock clients.
With Coinbase, you can trade crypto, store your assets, trade prime brokerage, and report.
Over $8 trillion is managed by BlackRock, the world's largest asset manager.
Analysts are not sure why Coinbase shares have surged recently.
Short squeezes in the market may have caused the Coinbase jump this week as investors scrambled to cover short positions.
According to FactSet, over 22% of Coinbase's shares are shorted.
In order to cover their losses, investors are forced to purchase the stock back, further fueling growth.
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