Coinbase listing hype appears dead as exchange falls 80% from all-time highs

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—by Protos Staff
Coinbase continues to struggle in the face of a cryptocurrency and NASDAQ downturn, shedding over 80% from its all-time highs of nearly $430 a share.
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Coinbase continues to struggle in the face of a cryptocurrency and NASDAQ downturn, shedding over 80% from its all-time highs of nearly $430 a share.

Last week signaled the first time the American crypto exchange, which had its direct listing in April of 2021, found its shares priced in the double digits. As of after-market close on Monday, the company was trading at $84.30 a share.

All of this occurred while the NASDAQ was collectively taking its own significant dive – over the course of an identical timeframe, the composite index has dropped 17%.

Other quarantine darlings, like Zoom and Shopify, have plummeted 72% and 69%, respectively, while crypto leader Bitcoin has fallen roughly 36%.

But, as sobering as these numbers are, few companies have matched the consistent and dramatic fall from grace endured by Coinbase, which has never compared to the hype of its direct listing.

Read more: Who knew Coinbase’s NFT marketplace launch would suck this bad

While the intricacies of a direct listing mean that insiders were inherently forced to sell, the dump didn’t look good in the eyes of the public, and the stock has never recovered.

Coinbase has been performing particularly poorly, despite beating revenue and earnings per share predictions in quarter four of 2021. Earnings for the first quarter of 2022 will be announced at 5:30PM EST on Tuesday.

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