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Coinbase Melts Down Even as Wall Street Is Bullish on Prospects

  • The crypto exchange’s shares are down 77% so far this year
  • From a November peak, its market value is down more than 80%
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Coinbase Shares Fall After Q1 Revenue Miss

Coinbase Global Inc. has declined precipitously this year, largely mimicking the drop in Bitcoin prices and taking its market value down to $12.5 billion from a peak of over $75 billion last year. But Wall Street still remains bullish on the stock. 

The crypto exchange is down nearly 77% so far this year, trading far below its first-day closing price of $328.28 last April. But analysts still broadly recommend the stock, despite its weaker-than-expected first-quarter earnings report. The stock was given a buy rating by 22 analysts, according to data compiled by Bloomberg. While five gave it hold ratings, only four recommended selling the stock.