July 4 (Cointime) - Coinbase's stock rose over 12% midday EDT following news of a partnership with Fidelity and other issuers on their proposed spot bitcoin exchange-traded funds. The gains contributed to a larger rally that has seen the stock increase by over 138% since the start of the year.

This increase outpaced the broader crypto market, with bitcoin only trading up 1.37% at the time of writing. Coinbase made headlines in June when Fidelity resubmitted its filing for a spot bitcoin ETF, with Coinbase set to help monitor manipulation in the spot market.