Coinbase drops to record lows as crypto meltdown extends
Shares fell 31% Wednesday; bonds in line with junk notes
By Arghyadeep Dutta
Published - May 11, 2022, 03:41 PM ET
Last Updated - Feb 27, 2024, 12:58 PM EST
• Coinbase reported lower-than-expected revenue on Tuesday
Coinbase Global Inc (NASDAQ: COIN) shares and bonds tumbled to new lows on Wednesday, signaling investor skepticism about the prospects of both digital assets and the crypto exchange in a bear market.
Shares plunged more than 31% to $50.15 in New York. The crypto exchange is down nearly 85% from its first-day closing price of $328.28 when it went public last April.
The company’s bonds also plunged, trading in line with some of the highest-risk junk-rated notes.
