Coinbase Global, Inc. (NASDAQ:COIN) shares recorded sharp gains on Monday. JMP Securities maintained Coinbase with a Market Outperform, while Jefferies initiated coverage on the stock with a Hold rating and announced a price target of $35. Shares of other crypto-related stocks, including, Marathon Digital Holdings, Inc. (NASDAQ:MARA), MicroStrategy Incorporated (NASDAQ:MSTR) and Riot Blockchain, Inc. (NASDAQ:RIOT) also settled higher during the session.
On CNBC’s “Options Action,” Mike Khouw of Optimize Advisors said Coinbase traded at 1.6x average daily options volume on Monday.
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There were buyers of 10,000 of the January 13 weekly 40 calls at an average price of $1.15 per contract, Khouw mentioned.
The traders see Coinbase’s stock surging another 5% by the end of the week.
Price Action: Shares of Coinbase jumped 15.1% to close at $38.27 on Monday, while Marathon Digital, MicroStrategy and Riot Blockchain shares added 19.8%, 9% and 14.3%, respectively, during the session.
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