Coinbase spikes 10% as bitcoin rallies back towards $40,000

• Shares in Coinbase leapt as much as 9.9% on Monday, propelled by a sudden bitcoin rally that has seen the cryptocurrency flirt with the $40,000 threshold.
• Monday's highs, of around $247, are still substantially down from Coinbase's initial listing range.
• The VanEck Digital Transformation ETF shot up 11%.

Shares in Coinbase popped as much as 9.9% on Monday, propelled by a $4 that has seen the cryptocurrency flirt with the $40,000 threshold.

Since the company's April debut, the stock has gradually trended down from a high of $429 on the first day of trading. The stock has tended to follow movements in the crypto market, principally bitcoin, with some investors using Coinbase and similar stocks as a way to get crypto exposure via equities.

The VanEck Digital Transformation ETF, which tracks top crypto-adjacent stocks like Coinbase and Square, was up 11% on Monday.

Coinbase's surge coincided with a $4 on Monday. Some, like Riot Blockchain and Marathon Digital, have tended to outperform bitcoin, as they have during Monday's rally.

As Riot Blockchain CEO Jason Les $4, his company's overperformance relative to bitcoin reflects the "real substantial operational expansion that we have been executing on this year."

Coinbase was trading at $242.38 as of 11:47 a.m. ET, up 7.76% so far during the day.