After a second-week of trading, shares in Coinbase have closed at $293.45. That’s a 32% decline from its opening day high of $429.54 on its first day of trading.
Coinbase, the largest US crypto exchange, debuted its COIN stock via direct listing on Nasdaq on April 14 at a price of $381, and quickly found buyers above the $400 mark before closing at $328. After recovering slightly mid-last week, it’s been a steady drumbeat downward since—though the rate remains higher than the Nasdaq reference price offered before trading began.
Prior to Coinbase going public last week, analysts had speculated that the price of the exchange’s stock would likely be closely linked to the health of the crypto market. Today’s action may have proven them right.
Crypto markets lost a collective $400 billion in value based on market capitalization in the last week. Bitcoin, the market’s leading coin, dipped below $50,000 late Thursday night for the first time since early March. It is currently trading just
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