Coinbase stock hits new low a year after debut
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.