Cryptocurrencies
Coinbase Plunges to All-Time Low With IPO ETF in Freefall
- Crypto exchange tumbles amid exodus from speculative names
- Traders pile into alternative tokens not on Coinbase
This article is for subscribers only.
Coinbase Global Inc. sank to a record low as investors fled high-flying market newcomers.
The operator of the largest U.S. cryptocurrency exchange slumped 6% to $256.76 on Thursday, dropping for a fourth straight day. That left the shares just above the $250 reference price for its April direct listing. An exchange-traded fund that tracks shares of companies that recently went public plunged for an eighth day, the longest slide since 2015. Virgin Galactic Holdings Inc. and Opendoor Technologies Inc., companies that came to market through blank-check offerings, each sank at least 3.8%.