Coinbase's stock rockets as Ripple ruling could be a positive signal

BranchOut Food Inc

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Consumer Staples : Food Products | Small Cap Growth

Company profile

BranchOut Food Inc. is a food technology company. The Company is engaged in the development, marketing, sale, and distribution of plant-based, dehydrated fruit and vegetable snacks and powders. It has licensed the rights to a new dehydration technology designed for drying and processing sensitive fruits and vegetables such as avocados, bananas and others. The Company’s products include BranchOut Snacks, BranchOut Powders and BranchOut Industrial Ingredients. Its BranchOut Snacks include dehydrated fruit- and vegetable-based snacks, including Avocado Chips, Chewy Banana Bites, Brussels Sprouts Crisps, Bell Pepper Crisps and Pineapple Chips. Its BranchOut Powders include Avocado Powder, Banana Powder and Blueberry Powder. Its BranchOut Industrial Ingredients include Bulk Avocado Powder, dried avocado pieces and other fruit powders/pieces. It is also developing additional products, including chocolate covered fruit items and various private label products for large retailers.

Coinbase's stock rockets as Ripple ruling could be a positive signal

2:45 pm ET July 13, 2023 (MarketWatch) Print

By Emily Bary

Coinbase shares reverse course and march higher as a judge weighs in on the essence of crypto tokens

Shares of Coinbase Global Inc. were among the cryptocurrency stocks rallying sharply Thursday after a federal judge deemed that Ripple Labs' token wasn't a security when sold to members of the general public on crypto exchanges.

See more: Ripple token not a security in retail sales, judge rules in partial win for crypto

The ruling is viewed positively for Coinbase (COIN), which is fighting a Securities and Exchange Commission lawsuit that charged the company with operating an unregistered national securities exchange and illegally selling various tokens that the SEC deemed securities.

While the judge said that Ripple sales to institutional investors did constitute unregistered sales, the partial victory for Ripple when looking at retail sales could bode well for Coinbase in its own regulatory battles.

Read: SEC Chair Gensler dismisses industry calls for recusal on crypto decisions

Coinbase's nearly 18% rally in afternoon activity comes as the stock bucks a downgrade from a Barclays analyst, who warned that it was still "winter" for the crypto markets and that regulatory pressures could linger. Shares had been down as much as 2.9% earlier in the session.

Other crypto stocks were seeing dramatic Thursday boosts as well. Shares of bitcoin-mining companies Marathon Digital Holdings Inc. (MARA) and Riot Platforms Inc. (RIOT) were each up more than 13% in afternoon action. Shares of MicroStrategy Inc. (MSTR), a software company that has sizable bitcoin holdings, were up about 8%, while shares of Robinhood Markets Inc. (HOOD), which offers crypto trading on its platform, were ahead more than 5%.

Don't miss:BlackRock's bitcoin ETF filing is a vote of confidence in Coinbase, one analyst says. Here's why.

-Emily Bary

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 13, 2023 14:45 ET (18:45 GMT)