Coinbase resumes trading after volatility pause

Yahoo Finance's Julie Hyman gives the latest update on the trading pause for Coinbase stock.

Video Transcript

JULIE HYMAN: And just want to bring you a quick check of Coinbase here because the stock was paused for volatility after it spiked. Now it's trading again. Remember, those volatility curbs kick in when things swing by a certain threshold, and that's what's happening in the case of Coinbase. It's up 20%. This after announcing a new partnership with BlackRock. Basically this is going to give BlackRock institutional clients access through Coinbase's platform to trade and invest in cryptocurrency, so digital assets. So kind of interesting here, and boy, Coinbase could use some good news. So--

BRIAN SOZZI: Does this mean now they're going to hire all those people that they laid off? But this was a big move in Coinbase shares yesterday, too, as well into the close, I believe it finished close to up 17% or 18%. But this--

JULIE HYMAN: Which was a head scratcher.

BRIAN SOZZI: Which was head scratcher. As my long term thinking in investing in markets always goes, someone knows something. But nonetheless, this is a big win for Coinbase, and to your point, they really needed a win. Now what is the immediate impact to Coinbase's financials? That's to be determined.

JULIE HYMAN: Yeah, exactly. I just want to mention as well as we look at Coinbase that 24% of the stock's float is sold short. So when you get a move upward, it can be exacerbated by a short squeeze, which might be, maybe, the case in this situation.

BRIAN SOZZI: --face ripping rallies.