Coinbase’s no-good, very bad summer
It’s been a minute since I checked in on our friends at Coinbase, and so when I saw Reuters noting that a class action suit would be going ahead, I thought perhaps we should all reflect together on Coinbase’s cruel summer.
The company’s shares have fallen by more than a third in the last 6 months, to $147.95 as of this writing, from $238.55 on March 6th. On the company’s first day of trading, in April 2021, its closing price was $328.28.
Quite a turn of fortune! Certainly some price fluctuation can be chalked up to the vagaries of the cryptocurrency market — Coinbase was trading at $153.98 at the start of this year, before a Bitcoin ETF got approved. When Bitcoin began a run in February, Coinbase also started trading up. Still, there...