The Coinbase stock (COIN) has experienced a remarkable surge of 400% this year, outperforming even Ethereum. Analysts believe that this upward trend may continue as the crypto market eagerly awaits the approval of the first-ever spot Bitcoin Exchange-Traded Fund (ETF).

According to trader and investor Bob Loukas, the approval of the Bitcoin ETF is highly likely, with a 99.9% chance of happening by January 10. Bloomberg analyst James Seyffart also predicts that the approval could come around that time. If the ETF is approved, Grayscale CEO Michael Sonneshein anticipates a flood of trillions of dollars into the market, which could propel the Coinbase stock to new heights.

However, it’s worth noting that Cathie Wood’s Ark Investment has reduced its exposure to COIN, with an 11% reduction in December. Despite this, COIN remains the largest component of its ARK Innovation (ARKK) ETF. Coinbase CEO Brian Armstrong has been critical of anti-crypto political figures and has emphasized the need for collaboration with regulatory bodies like the SEC.

In conclusion, the Coinbase stock has experienced significant gains this year and may continue to rise with the potential approval of the Bitcoin ETF. However, there are also factors such as reduced exposure from Ark Investment and challenges posed by anti-crypto political strategies that could impact its trajectory.