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Bitcoin dipped. Will the crypto party resume?
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Coinbase Attracts $222M Call Option Trades as Stock Rises a Fourth Day

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Luzi Ann Santos joined discussion · Jun 6 14:44
Coinbase saw almost $222 million in combined call option block trades as the stock rallies a fourth straight session, amid increased investor appetite for Bitcoin.
The stock gained 2.5% to $257.61 at 3:56 p.m. in New York, after touching an intra-day high of $263.80. The provider of crypto-powered technologies including self0-custody wallets and trading platform saw it shares rise even as the $S&P 500 Index(.SPX.US)$ and the $NASDAQ 100 Index(.NDX.US)$ struggled to eke out a gain.
The biggest of those block trades was one that was posted at 12:41:52 p.m. Thursday in New York, data compiled by moomoo showed. In that trade, the seller stands to collect a $100.17 million premium for writing call options that give the holder the right to buy 2.569 million $Coinbase(COIN.US)$ shares at $230 each by July 19.
At that exact time, right down to the second, another block trade was posted. In that trade, the seller would collect $61.7 million for writing call options that give the holder the right to sell the same number of Coinbase shares for $260 each. Those call options have the same expiration date.
Source: moomoo PC app
Source: moomoo PC app
Earlier Thursday, Goldman Sachs cut its price target on the stock to $255, from $295 and maintained its neutral rating, Benzinga reported.
The stock has climbed more than 400% in the past 12 months after regulators approved spot Bitcoin exchange traded funds, spurring demand for the cryptocurrency.
On Tuesday, the ETFs had a combined net inflow of $886.6 million, the biggest since March 12, data from CoinGlass showed. Those funds now have a combined market capital of $63.7 billion, according to the data.
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