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Coinbase Stock Up 21% Following Lawsuit Dismissal

Shares of Coinbase have been rallying since Wednesday afternoon after a federal judge dismissed a lawsuit against the company.

The stock was up by roughly 21%, trading at around $78.7 as of 1 p.m. EST Thursday, according to data from TradingView.

The proposed class-action suit, filed in the U.S. District Court for the Southern District of New York in 2021, alleged that Coinbase facilitated the sale of unregistered securities.

A federal judge dismissed the case on Wednesday, according to a report from Bloomberg. Although the judge didn't actually determine whether those digital assets were securities, he decided that the exchange didn’t actively solicit investments through its marketing materials.

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