Coinbase short-sellers lost more than $230 million on Thursday as the company's stock price soared.

The crypto exchange announced a tie-up with BlackRock, the world's biggest asset manager.

At one point the short-sellers were  down by more than $1 billion on Thursday as the stock surged more than 40%

The mark-to-market losses amounted to $324.2 Mn by the time the market closed, with share closing above 10% levels.

The crypto exchange company was last up by 11% on Friday.

Coinbase was one of the most risky companies on the US stock exchange with more than 20% of its outstanding shares short sold.

The crypto exchange company fell dramatically when investors have dumped  the digital assets & tech stocks.

However the stock rallied sharply after it announced its partnership with Blackrock.

The company's stock finished 10.01% higher at $88.90 a share.  However it remained more than 60% lower for the year.

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