INVESTIGATION – Two years after its sensational debut on the stock exchange, the exchange platform is caught in a vice of constraints.
The “cryptocurrency winter” has frozen Wall Street’s enthusiasm for Coinbase. Two years ago, the American exchange platform had panicked all the counters during its IPO, which also symbolized a form of legitimization of cryptos in the traditional financial world.
Alas, between the brutal and lasting fall in cryptoasset prices and the FTX scandal, the year 2022 has completely changed the situation. With the value of assets stored on the platform divided by three in 2022 (80 billion dollars), an annual turnover divided by two (3.1 billion), a net loss of 2.6 billion and a base of users which is shrinking (8.3 million against 11.4 million at the peak of its activity), investors have increased the pressure.
Coinbase stock has lost 80% of its value since entering the Nasdaq. “We are now scaling the business with the goal of generating adjusted Ebitda in all market conditions», a expliqué Brian Armstrong…
This article is for subscribers only. You have 70% left to discover.
Flash Sale -70%
Offer available until February 28. Without engagement.
Already subscribed? Login