NEW YORK — Shares of Coinbase Global Inc. jumped 11.72% to $194.36 in Friday trading, adding $20.39, as the cryptocurrency exchange rode a broad rally across crypto-linked equities tied to a sharp rebound in bitcoin's price and a new regulatory development from the Securities and Exchange Commission.

Coinbase shares extended gains that began in premarket trading, when crypto-linked stocks including Coinbase, Strategy Inc. and Robinhood Markets all advanced sharply as investors responded to the SEC's introduction of a new exemption allowing trading of tokenized U.S. stocks, according to market commentary. The move was widely interpreted as a regulatory tailwind for exchanges like Coinbase that have positioned themselves to benefit from the broader tokenization of traditional financial assets onto blockchain infrastructure.

The rally in Coinbase shares also tracked a sharp advance in bitcoin's own price, which traded above $80,000, up roughly 5.5% over the prior 24 hours, as investors across markets reacted favorably to the Federal Reserve's interest rate decision earlier in the week, which signaled a less aggressive path for future rate increases than some had anticipated. That relief rally extended broadly across risk assets, with cryptocurrency and crypto-linked equities among the most direct beneficiaries given their historically close correlation with broader shifts in risk........

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