Coinbase Tumbles to Record Lows as Crypto Meltdown Deepens
- Shares and bonds of trading platform plunge amid market rout
- Coinbase reported lower-than-expected revenue on Tuesday
This article is for subscribers only.
Coinbase Global Inc. shares and bonds plunged to new lows, signaling investor skepticism about the prospects of the crypto exchange in a worsening bear-market.
Shares plunged as much as 31% to $50.15 on Wednesday, a far cry from its first-day closing price of $328.28 when it went public last April. Its bonds also plunged, trading in line with some of the highest-risk junk-rated notes.