Cryptocurrencies
China Puts Coinbase’s Direct Listing Levels Further Away
- Shares trade 39% below levels that followed direct listing
- China action follows peer relocation, Bitcoin weakness
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Five months after an unconventional route to public markets, Coinbase Global Inc. is reeling from a confluence of bad news.
Shares in the cryptocurrency exchange closed on Friday at their lowest since Aug. 3 after China banned all crypto-related transactions. It’s the latest of several events that have pushed the stock 39% below its opening levels on April 14, the day it went public via direct listing.