Coinbase Shares Up After SolarBank Files to Open Account For Bitcoin Reserve

By Katherine Hamilton

Coinbase Global shares rose after SolarBank said it would open an account with the cryptocurrency platform to integrate Bitcoin as a strategic reserve asset.

The stock rose 4.3% to $257.38 on Tuesday. Solarbank's shares declined 2% to $1.48, at one point hitting a 52-week low of $1.23. The stock is down 28% this year.

SolarBank, a solar-energy distributor, filed an application to open an account with Coinbase Prime to provide custody and a self-custodial wallet for its Bitcoin holdings. It said it wants to implement a treasury strategy with Bitcoin similar to that of MicroStrategy.

Solarbank is aiming to increase its resilience to inflation and jump on investor interest in cryptocurrency, and plans to keep renewable energy as its primary business, the company said.

Write to Katherine Hamilton at katherine.hamilton@wsj.com