Coinbase Shares Up 10% from Meme Traders, BlackRock Crypto Deal

Shares of Coinbase rose on Thursday after crypto exchange announced a partnership with BlackRock that would allow its institutional customers to buy bitcoin.

Coinbase shares rose 10%. Earlier in the day he jumped nearly 40%.

Services in the company's Prime offering will be available to clients of BlackRock's portfolio management platform for institutional investors, Aladdin, the company said on its blog.

Coinbase will provide crypto trading, custody, prime brokerage and reporting capabilities. BlackRock is the world's largest asset manager with over $8 trillion under management.

According to alternative data provider Quiver Quantitative, Ticker Coin also became one of the most mentioned names on Reddit's Wallstreetbets chat room on Thursday, topping GameStop's popularity in the online forum.

Our institutional clients are increasingly interested in gaining  exposure to digital asset markets and are focused on how to efficiently  manage the operational lifecycle of these assets,

Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock, said in a statement.