Coinbase shares have fallen more than tenfold since its IPO

Market capitalisation of the bitcoin exchange Coinbase has fallen more than tenfold since its shares began trading on Nasdaq. On December 20, the stock was valued at $34.97, compared with $381 at the IPO (April 2021).

In the latest session, they closed down 0.57%, while the Nasdaq index hovered near the flatline, and Bitcoin and Ethereum rose 2.8% and 4.2%, respectively.

On December 8, a top executive admitted, that in the wake of the crypto winter the exchange’s annual revenues would halve relative to 2021.

Net loss in the third quarter of 2022 stood at $545 million against $1.1 billion in the previous period.

Earlier in October, ARK Invest bought Coinbase shares. In November, the company’s structures spent another $21.4 million, in December — $3 million.

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