These 10 Stocks Boast Double-Digit Gains Amid Boring Market

5. Coinbase Global, Inc. (NASDAQ:COIN)

Coinbase Global jumped by 16.32 percent on Wednesday to close at $295.29 apiece as investors snapped up shares following plans to offer tokenized equities to its customers.

Coinbase Global, Inc. (NASDAQ:COIN) sought the approval of the Securities and Exchange Commission for the initiative, which would allow it to offer stock trading through its blockchain technology.

If approved, Coinbase Global, Inc. (NASDAQ:COIN) would directly compete with retail brokerage companies namely Robinhood Markets and Charles Schwab.

According to Coinbase Global, Inc. (NASDAQ:COIN) Chief Legal Officer, Paul Grewal, the new initiative is “a huge priority” for the company, enabling it to diversify beyond cryptocurrencies.

Tokenizing equities is a process in which shares of a company are converted into a digital token, similar to how cryptocurrencies are traded. Instead of holding the securities directly, investors hold tokens that represent ownership of the securities.