Why did Coinbase stock go up today? Bitcoin resumes ascent

Coinbase Global ( NASDAQ: COIN ) shares shot up 12.4% in Tuesday mid-afternoon trading as a renewed climb in bitcoin ( BTC-USD ) fueled buying pressure across crypto-linked stocks. Bitcoin ( BTC-USD ), seen as a gauge of the broader crypto market, touched as high as $31K earlier in the session on a report that asset management giant Fidelity Investments is preparing to submit an application for a spot bitcoin exchange-traded fund , following in the footsteps of Wall Street peers racing to market the product. The token has since pared back some of those gains, rising 1.5% to $30.7K at 3:50 p.m. ET. In addition, billionaire hedge fund manager Seth Klarman noted that his firm, Baupost Group, is invested in Coinbase ( COIN ) convertible bonds "that are quite well protected by the balance sheet." Although COIN "is doing some smart things and the business is actually cash flow positive," the convertible bonds are "not a bullish bet" on the company, he told CNBC in a television interview . More on Coinbase Global Supreme Court rules in favor of Coinbase on arbitration Coinbase: Weak Signs Of Recovery Amidst Regulatory Uncertainty The Potential Impact Of BlackRock's Bitcoin ETF On Coinbase Stock