Coinbase shares climbed as much as 7% Thursday, extending a rally that began at a White House crypto summit earlier this week, after the exchange won approval to build a tokenization hub in Abu Dhabi.

The stock traded between roughly $166 and $174 during the session — a continuation of Wednesday's surge, when President Trump hosted top crypto executives, including Coinbase CEO Brian Armstrong, Ripple's Brad Garlinghouse and Robinhood's Vlad Tenev, at the White House alongside SEC Chair Paul Atkins and CFTC Chair Michael Selig. Trump used the event to press Congress to pass the CLARITY Act, market-structure legislation that would settle whether digital tokens are regulated as securities or commodities, according to CoinDesk's report on the summit.

A TRUE BIPARTISAN COMPROMISE

Armstrong called the bill "a true bipartisan compromise" that "would make all of the progress this administration has made durable... for decades to come." Bitcoin broke above $71,000 this week, and a reported $2.7 billion in crypto short positions were liquidated within 24 hours as the rally accelerated, according to Benzinga's markets coverage.

Thursday's fresh leg higher had its own catalyst: regulators in Abu Dhabi approved Coinbase's plan to build an international tokenization hub capable of issuing fully backed tokenized securities, giving the exchange a foothold in a market increasingly courting crypto infrastructure players, according to a StockStory rundown of Thursday's trading.

The moves came alongside a separate tailwind for risk assets broadly: the U.S. Treasury's announcement this week that it would double long-bond buyback operations, which eased pressure across markets. Crypto-adjacent equities including Strategy also gained on the day.

The catalyst investors are now watching most closely is Congress: whether the CLARITY Act, which Trump explicitly pushed lawmakers to advance at Wednesday's summit, actually moves through committee in the weeks ahead.