I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern.

Listen in. Good Thursday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford today.

Coinbase spiking. Why shares are up? We're up 30 plus pre-market, currently up 18. That stocks on pace

for one of the best days since its IPO.

Then our ears to the ground on earnings results from Baba, booking, eBay, what they all tell us

about the current macro environment. Later on, the CEOs of Confluent Service Now and Equinix all this

hour, John. Busy hour. Busy hour. And yeah, we're going to kick off with Coinbase, as you mentioned, up about 18%.

Though, it had been even higher on a new crypto trading partnership with BlackRock, the world's

largest money manager. For now, the partnership gives BlackRock's institutional clients

access to own and trade Bitcoin with possible expansions to that deal dependent on demand.

That said, given Bitcoin is down 42% since early April, remains to be seen just how sustainable

institutional demand is.

But hey, the Coinbase is down 60% for the year.

For now, though, Coinbase shares today having their best days since the first day of listing

on a percentage

basis up more than 45% just this week. Here to help us break it down, Kate Rooney. Hey, Kate.

Hey, John. Yeah, this is definitely a sign of legitimacy for Coinbase. So it is good news,

and it's really been trying to grow the more institutional side of the business. The retail trading side has slowed down with the crash in Bitcoin and crypto prices in general.

They've struggled with just trading revenue in general.

That's the bread and butter for a lot of these brokerage businesses, Robin Hood as well.

The reason, though, I'm told the stock is skyrocketing is a short squeeze.

So about 22% of the tradable shares out there, or the float are sold short.

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