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Coinbase’s $51 Billion Nosedive Isn’t Only About Crypto Winter

  • Largest US cryptocurrency exchange underperforms even Bitcoin
  • It could pause expansion of sales, support staff, analyst says
Monitors display Coinbase signs during the company's IPO at the Nasdaq MarketSite on April 14, 2021.

Monitors display Coinbase signs during the company's IPO at the Nasdaq MarketSite on April 14, 2021.

Photographer: Michael Nagle/Bloomberg

Coinbase Global Inc. has gone from one of the stock market’s most hotly anticipated debuts to one of its most spectacular crashes in a little more than a year, leaving some analysts and investors bewildered by poor execution at the largest US cryptocurrency exchange.

The firm’s market value has shrunk by about $51 billion since the end of its first day of trading last April. Coinbase shares fell to an all-time low earlier in May, and even after recovering somewhat are still down about 80% from their debut. That’s a steeper drop than Bitcoin’s 53% slump in the same period.