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stock (COIN) has fallen to an all-time low of $32.40 per share, dropping 6% over the past five days. The stock has recovered some and is trading at $32.65 pre-market.
This caps off what has been a brutal 2022 for Coinbase investors, with the company’s stock plummeting almost 87% over the year and over 23.19% in just the past month.
The exchange, which is currently the third-largest crypto exchange by volume traded, has been hit hard by a mixture of regulation-related fears and FTX contagion diminishing investor confidence in the sector.
Revenues at the firm have also tumbled. The company reported net revenue of $576 million for the third quarter of 2022, a 28% decline from $803 million in the previous quarter.
In addition, transaction revenue—where Coinbase derives most of its revenue—fell 44% quarter-over-quarter, as fewer users were active on the exchange.
The firm has undertaken some harsh measures to shore up its finances, laying off 1,100 employees or roughly 18% of its workforce in June, citing “economic conditions” and saying it “grew too quickly” in a statement.
Coinbase fans buy the dip
Still, some prominent investors have recently shown confidence in the company.
Though Coinbase’s performance has hardly been stellar, tech stocks as a whole are down significantly this year across the board.
The Nasdaq Composite, where Coinbase is listed, is down a whopping 34.40% so far in 2022.
In fact, the exchange has actually fared much better than many others in the crypto space, specifically mining firms.