Cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) announced it will expand to enable users to trade stocks and event contracts tied to real-world outcomes. The move will diversify the company's offerings, as crypto trading competition ramps up.
COIN is up 3% to trade at $251.43 at last glance, pushing back above its year-to-date breakeven mark. The security has added more than 31% in the past nine months and is bouncing off a familiar floor at $240, but is still a ways away from its July 18, record high of $444.64.
Though calls still outpace puts, options traders have been more bearish than usual. This is per the equity's 50-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 94% of annual readings.
Near-term options traders are pricing in low volatility expectations, per Coinbase Global stock's Schaeffer's Volatility Index (SVI) of 57% that sits in the 8th percentile of readings from the past 12 months. It's also worth noting that COIN tended to outperform annual volatility estimates, per its Schaeffer's Volatility Scorecard (SVS) of 89 out of 100.
