Why did Coinbase stock shoot up today? Crypto relief rally, Italy expansion

Shares of cryptocurrency exchange Coinbase Global (NASDAQ:COIN) is spiking some 9% during power hour Monday, as bitcoin (BTC-USD) climbs to its highest in over a month, outpacing the overall stock market. Of course, Coinbase (COIN) isn't the only crypto-focused stock catching bids intraday. Galaxy Digital (OTCPK:BRPHF) +17.3%, Riot Blockchain (RIOT) +12% and Marathon Digital (MARA) +21.3% are among some of the biggest winners despite another volatile session in risk assets. As for the largest digital coin by market cap, bitcoin (BTC-USD) is rising 2.7% to $21.58K as of shortly before 4:00 p.m. ET. That's down from its session peak of $22.69K. Coinbase's (COIN) upswing also comes after it gained approval from Italian regulators to provide crypto services to residents of the company in a move that expands its global footprint. Bear in mind, though, that Seeking Alpha's Quant Rating in mid-May had warned investors that Coinbase (COIN) shares are at high risk of performing badly due to negative EPS revisions and declining growth. The stock is off over 20% since that bearish call as of last Friday's close. Take a look at why SA contributor LK Shelley thinks Coinbase is a Buy.