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Coinbase stock hits new low a year after debut

Lucinda Shen
Apr 19, 2022
Data: S&P Capital IQ; Chart: Simran Parwani/Axios

One year since its direct listing, crypto-trading giant Coinbase is far from its all-time high market cap of $76 billion in November.

Driving the news: Shares closed down 1.5% on Monday, pushing the company to a $31.9 billion valuation — a new trading low almost exactly a year after its high-profile public debut.

  • While the company posted stellar fourth quarter results, demand has waned in the first quarter of the year.
  • Amid rising interest rates and a return to the in-person world, many pandemic-related stocks have slowed in recent months.

Some good news: The drop still puts Coinbase's private market investors and early employees above water.

Some not so great news: But not all, with some hurting more than others. Coinbase's public debut came with so much hype that secondary sales of its stock valued the company at $90 billion before the listing.

Of note: Coinbase's stock rose slightly in trading Tuesday, valuing the company at about $33 billion as of midday.

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