$COIN

Nov 18

Coinbase is now trading on Nasdaq. Image: Shutterstock

Bank of America Downgrades Coinbase Stock to Neutral, COIN Down 7%

Bank of America today said it is downgrading the stock of U.S. cryptocurrency exchange Coinbase from buy to neutral. The price of COIN is down 7% over the last 24 hours and is currently trading at $45.36—a drop of 86% from its all-time high of $357.39 on November 9, 2021. "We think Coinbase likely faces a number of new headwinds over the near/medium-term due to the recent collapse of rival crypto exchange FTX," Jason Kupferberg, senior equity research analyst at Bank of America Merrill Lynch, wr...

Aug 10

Coinbase Posts Record Profit of $1.6 Billion in Q2, Ethereum Trading Surpasses Bitcoin

Coinbase announced second quarter earnings on Tuesday, posting a profit of slightly over $1.6 billion, which is nearly double what it posted in the first quarter. The company also announced revenue of $2.03 billion, which exceed analyst predictions of $1.88 billion. The company also reported a spike in user activity, noting that retail "Monthly Transacting Users (MTUs) grew to 8.8 million, up 44% from Q1 2021," and that its total base of verified users had climbed to 68 million. And in a sign Co...

May 17

Coinbase CEO Brian Armstrong at TechCrunch Disrupt 2018. Image: Wikimedia

Coinbase to Raise $1.25 Billion in Bond Sale Just 1 Month After Going Public

Coinbase on Monday announced it intends to raise an extra $1.25 billion by selling so-called convertible notes, a type of bond that lets the purchaser earn interest or else convert the holdings into stock. The move comes as something of a surprise given that the company is cash flow positive, and went public by means of a direct listing just over a month ago. That listing, however, did not involve the sale of new shares so the bond announcement appears to be a strategic decision to raise extra c...

May 13

Coinbase Narrowly Misses Earnings Predictions Amid Stock Slump

Coinbase reported first quarter earnings of $3.04 per share Thursday afternoon, narrowly falling short of analysts' estimates of $3.07. Overall, the company notched a profit of $771.5 million on revenue of $1.8 billion for the quarter. The profit and revenue numbers are impressive for a newly public company but are unlikely to make much of an impact on the market, given that Coinbase released a preliminary version of them on April 6, days before the company listed its shares. Thursday's numbers...

Apr 30

Coinbase To Acquire Crypto Data Service Skew

Coinbase, the largest cryptocurrency exchange in the US, is acquiring the London-based data and analytics startup Skew. The acquisition, announced today, will allow Coinbase to provide real-time data to institutional investors. Skew was founded in 2018 by Emmanuel Goh and Tim Noat. It offers market data and charts tailored to crypto traders—it’s a little like Messari or TradingView. In an email to Decrypt, a spokesperson for Coinbase said that skewAnalytics—one of Skew’s data offerings—would b...

Apr 23

Coinbase is now a publicly traded company. Image: Shutterstock

Coinbase Stock Closes 32% Down From High as Bitcoin Pulls Back

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 pr...

Apr 19

Did Coinbase Insiders Really Cash Out? It's Complicated

A viral tweet this weekend suggested top Coinbase executives held a fire sale with their personal stock—an accusation that, if true, would be cause for alarm since it implies they don't have faith in the future of their own company. But as with many things on social media, the tweet failed to provide a full account on what was going on, though it did underscore the new challenges Coinbase will face as a public company. If you missed it, the tweet in question showed a chart depicting certain stoc...

Apr 14

Coinbase Closes First Day of Trading Down 14% From Debut Price

Coinbase wrapped its first day of public trading on Nasdaq with a share price of $328. It’s down 14% from its debut at $381, but still up 31% from the reference price of $250. The public debut of $COIN marks an important moment for the crypto industry. A product of the Y Combinator startup accelerator program, Coinbase is now the largest American crypto exchange, with a market capitalization of over $85 billion. It’s seen investments from the likes of Fred Wilson and Marc Andreessen, and played...

Coinbase Stock Debuts at $381, 52% Higher Than Reference Price

Coinbase, the San Francisco-based cryptocurrency exchanged led by Brian Armstrong, has finally gone public. The company's stock, $COIN, debuted on the Nasdaq on Wednesday afternoon at a price of $381, a 52% pop from its $250 reference price. (For comparison to other high-profile direct listings: Slack debuted at 48% higher than its reference price; Palantir 38% higher; and Spotify 26% higher.) The $381 share price gave the company a debut valuation just a hair under $100 billion. But the stock q...

Coinbase CEO Brian Armstrong (right) and CFO Alesia Haas (left). Image: Coinbase

Coinbase Is Eyeing NFTs as New Revenue Stream: CFO

Cryptocurrency giant Coinbase is exploring NFTs (non-fungible tokens) as a potential new business line, according to the company's CFO, Alesia Haas. In an interview with Decrypt, Haas said NFTs would be a natural fit for Coinbase's platforms and that the tokens could provide the company with a new source of transaction fees. NFTs are blockchain-based tokens that, unlike Bitcoin, represent unique ownership deeds to digital or physical items—anything from art to videos to tweets to concert tickets...

Coinbase CEO Brian Armstrong. Image: Coinbase

Coinbase CEO: Cryptocurrency Will Create a Wave of New Companies

Coinbase CEO Brian Armstrong said that the crypto industry will create a wave of new companies in much the same way that the Internet did, in an interview with CNBC. He argued that this innovation will benefit countries that embrace this nascent technology. Armstrong explained that when the Internet came out, many governments were wary about how it would evolve and whether they would still be able to control the flow of information. He acknowledged that some countries, such as China, went so far...

Coinbase shares will trade on Nasdaq when it goes public. Image: Shutterstock

Coinbase Direct Listing: By The Numbers

Coinbase, the largest American cryptocurrency exchange, is set to go public today in a direct listing on the Nasdaq. It’s expected to be the biggest American tech offering since Facebook in 2012, with some predicting a valuation as high as $100 billion based on early private transactions. What is Coinbase? Coinbase is a cryptocurrency exchange: a brokerage that lets users buy and sell digital assets like Bitcoin, Ethereum, and more. It was founded in 2012 by Brian Armstrong as part of the accele...

Crypto comes to Wall Street. Image: Shutterstock

After Coinbase: Which Crypto Companies Will Go Public Next?

Today, Coinbase becomes the first U.S. crypto company to take its place on Wall Street, with a historic direct listing on the Nasdaq stock exchange under the symbol COIN. Shares are set to begin trading at a reference price of $250. This milestone comes as the crypto industry enjoys a historic bull run that has seen the total market value of Bitcoin and other cryptocurrencies eclipse $2 trillion in recent weeks. And while Coinbase may be the first large crypto exchange to go public, it’s unlike...

Coinbase Direct Listing (Formerly IPO): Everything You Need To Know

In January 2021, San Francisco-based cryptocurrency exchange Coinbase announced plans to go public via a direct listing. The company shared the news in a blog post, in which it announced its intent "to become a publicly-traded company pursuant to a proposed direct listing of its Class A common stock." Here it comes! @coinbase is doing a direct listing. (disclosure: Coinbase is an investor in @Vertalo_ )https://t.co/edQO3pSeLL — Dave Hendricks (@davehendricks) January 28, 2021 The following...

Coinbase and Binance are rival crypto exchanges. Image: Shutterstock

Binance Will List Coinbase Stock Token (COIN) to Trade Against BUSD

Crypto exchange Binance plans to list a tokenized version of crypto exchange Coinbase's stock once it goes public later today. This will let users buy and sell fractions of a share, if they so wish. Coinbase is set to go public via a direct listing on the Nasdaq, in what’s been described as a “watershed moment” for crypto. Nasdaq has given the stock, which will trade under the ticker COIN, a reference stock price of $250—providing a valuation of around $64 million. What are Binance stock tokens?...

Apr 13

Coinbase Awards All Employees 100 Shares in Surprise Giveaway

When Coinbase goes public on Wednesday, the list of people eligible to cash in will be longer than expected. That's thanks to a recent decision by the company to hand out 100 shares to its approximately 1700 employees around the world. The giveaway means that every full-time employee at the company is poised to become $25,000 richer based on a $250 reference price set by the NASDAQ stock exchange on Tuesday. The actual price at which the stock begins to trade, however, could be significantly hig...

The Coinbase Team in Amsterdam in 2014. Image: Flickr/Creative Commons

7 Secrets From Coinbase's Early Days

As Coinbase prepares to go public on Wednesday via direct listing on the Nasdaq, the company has taken pains to present a professional, buttoned-up image. Indeed, its cautious approach to things like security and regulation is a big reason Coinbase has become the household name among crypto companies—but this image is also a far cry from Coinbase's early days, when its mantra was to "run through brick walls." In the course of researching my book about Coinbase, Kings of Crypto, I unearthed some...

What Coinbase Going Public Means For Bitcoin

On April 14, cryptocurrency exchange Coinbase will go public via a direct listing on the Nasdaq. For the crypto industry, it's a milestone on the road towards mainstream acceptance; the first major cryptocurrency business to go public, with an estimated valuation of $100 billion. But what does Coinbase's public listing mean for Bitcoin—the crypto industry's flagship asset? Coinbase Goes Public on April 14: How to Buy Shares The popular answer is that Coinbase's public listing can only be a good...

Apr 12

Coinbase Goes Public on April 14: How to Buy Shares

Wednesday will mark a major milestone for the cryptocurrency industry when San Francisco-headquartered Coinbase lists its shares on the public stock market via direct listing on the Nasdaq exchange. Coinbase is the first U.S. crypto company to go public, offering investors a new way to get exposure to Bitcoin and other aspects of the fast-growing sector. For those thinking of buying Coinbase shares, here's an overview of how the process will work, as well as some facts to consider if you're wond...

Apr 9

Coinbase's $100 Billion Valuation 'Remains Ridiculous': Analyst

Despite the blowout Q1 financial results crypto exchange Coinbase released last week, its expected $100 billion valuation remains "ridiculous," according to a new report from stock research firm New Constructs first shared with Decrypt. Coinbase recently announced Q1 profit between $730 million and $800 million on revenue of approximately $1.8 billion. Those figures dwarfed Coinbase’s performance for the entire previous year, adding to speculation that Coinbase may see a valuation of $100 billio...

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