Deep-pocketed investors have adopted a bullish approach towards Coinbase Global COIN

Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in COIN usually suggests something big is about to happen.

Deep-pocketed investors have adopted a bullish approach towards Coinbase Global (NASDAQ:COIN) and it’s something market players shouldn't disregard.

Our tracking of public options records at Benzinga has revealed this significant move. While the identity of these investors remains undisclosed, such a substantial move in COIN usually suggests something big is about to happen.

We obtained this information from our observations today when Benzinga's options scanner highlighted 26 extraordinary options activities. This level of activity is quite unusual.

The general mood among these heavyweight investors is mixed, with 54% displaying bullish tendencies and 38% bearish. Among these notable options, 11 are puts, totaling $537,719, and 15 are calls, amounting to $685,749.

Predicted Price Range

Considering the Volume and Open Interest on these contracts, it seems whales have been targeting a price range from $85.0 to $350.0 for Coinbase Global over the last 3 months.

Analyzing Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Coinbase Global options trades today is 714.48 with a total volume of 7,232.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Coinbase Global's big money trades within a strike price range of $85.0 to $350.0 over the last 30 days.

Significant Options Trades Detected:

Coinbase Global Option Volume And Open Interest Over Last 30 Days

About Coinbase Global

Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm, instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics.

Following our analysis of the options activities associated with Coinbase Global, we pivot to a closer look at the company's own performance.

Present Market Standing of Coinbase Global

What Analysts Are Saying About Coinbase Global

5 market experts have recently issued ratings for this stock, with a consensus target price of $324.6.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Needham persists with their Buy rating on Coinbase Global, maintaining a target price of $330. * An analyst from Barclays persists with their Equal-Weight rating on Coinbase Global, maintaining a target price of $328. * An analyst from HC Wainwright & Co. has decided to maintain their Buy rating on Coinbase Global, which currently sits at a price target of $350. * An analyst from Piper Sandler persists with their Neutral rating on Coinbase Global, maintaining a target price of $310. * Maintaining their stance, an analyst from Keefe, Bruyette & Woods continues to hold a Market Perform rating for Coinbase Global, targeting a price of $305.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Coinbase Global options trades with real-time alerts from Benzinga Pro.