Coinbase rises 4.2%, after announcing prime brokerage services expansion to institutions

After Coinbase Global Inc. announces it will expand its offering of prime brokerage services for institutional customers with a unit that ties together custody, trading, data analytics and other amenities, shares rise 4.2%.

Coinbase Prime will provide institutional clients access to pricing on 12 different regulated exchanges, including Coinbase, according to a statement Tuesday. The unit is seeking to function as an umbrella of services ranging from smart-order routing to detailed trade cost analysis reports and concierge support from account management and trading teams.

Coinbase had more than 8,000 institutional clients with about $122 billion in assets on the platform at the end of March.

Recently, Cathie Wood's Ark Invest bought more than $90 million of Coinbase amid the bitcoin rout over last week.

Source: Bloomberg