Coinbase is one of the 10 most traded foreign stocks in Argentina

The Argentine certificate of deposit (CEDEAR) that represents the share of the cryptocurrency exchange platform, Coinbase, is one of the 10 most traded on the Buenos Aires Stock Exchange (BCBA).

CEDEARs are financial instruments that represent shares that do not have a public offer or listing in the Argentine market, but rather on a stock exchange in another country.

They are an alternative for those who wish to invest in foreign assets, under the characteristics, procedures and benefits of a local security authorized and listed in local markets.

CEDEARs are marketed in the BCBA and the issuer authorized by the National Securities Commission (CNV) is Banco Comafi.

Taking into account the inflation that has been recorded in Argemtoma during recent years, They are an alternative to protect savings against the constant peso devaluation. This is because their value is tied to the foreign currency in which the underlying shares are issued.

According to the team’s report Research of Banco Galicia, Coinbase’s CEDEAR, whose symbol is COIN, was one of those that registered the most movements during May 2024.

As seen in the following graph from the “CEDEAR Monitor”, COIN was one of the 10 stocks with the highest trading volume last month and exceeded 648,000,000 pesos, the equivalent of 518,400 dollars. The ranking is headed by the financial instruments of Coca Cola (KO); Mercado Libre (MELI) and Vista Energy (VIST).

The graph includes companies such as Mercado Libre, Tesla and MicroStrategy that, although they are not exclusively bitcoiners, have exposure to BTC in their treasuries, which shows investor interest in this digital asset.

This metric shared by Banco Galicia reflects the buying and selling levels of COIN, indicating high demand from Argentine investors.

As Criptonoticias already reported, Coinbase is in charge of 90% of the custody of the bitcoin (BTC) that backs the ETFs of the issuing companies in the United States.

For this reason, after these exchange-traded funds were approved by the US Securities and Exchange Commission (SEC), the exchange recorded $1.6 billion in profits in the first quarter of 2024, an increase of 70% compared to to the same period in 2023.

At the time of publication of this note, the price of COIN is 12,187 pesos, the equivalent of about 12 dollars, according to IOL InvertirOnLine. The unit of these instruments generally equals a fraction of the original share price.