Coinbase Options Traders Betting On Stock Rallying By This Much By Friday

view original post

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.

Load Error

Don’t forget to check out our premarket coverage here

There were buyers of 10,000 of the January 13 weekly 40 calls at an average price of $1.15 per contract, Khouw mentioned.

Must Read: Coinbase Discloses Restructuring Plan Amid Macro Headwinds, Pfizer Rebuts Generic Version Of COVID-19 Oral Treatment In China, Microsoft Mulls $10B Investment In ChatGPT Owner: Today’s Top Stories

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.

Check This Out: Investor Optimism Improves After Nasdaq Settles Higher