Wall Street Sours on Coinbase, Signaling Broad Crypto Doubts – The Wall Street Journal

Wall Street Sours on Coinbase, Signaling Broad Crypto Doubts – The Wall Street Journal

Blockchain Crypto Market Technology
November 17, 2022 by Coinvasity
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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.
https://www.wsj.com/articles/wall-street-sours-on-coinbase-signaling-broad-crypto-doubts-11668652436
Listen to article
(2 minutes)
A year ago, cryptocurrencies were roaring and Coinbase Global Inc., considered the Charles Schwab of crypto exchanges,

was fresh off an IPO that valued the firm at $85 billion. Today, one market-based measure suggests that investors have doubts about whether the company can survive.
As a publicly traded entity, the U.S. firm, which originated in San Francisco but says it has no headquarters, seems to have steered clear of the complex financial maneuvers that helped fell FTX, a competitor whose stunning collapse has rocked an already-reeling industry. Nonetheless, Coinbase has been burning through its cash and losing the confidence of investors. Its shares are down 81% since the start of the year, its market capitalization has shrunk to $11 billion, and its bonds are trading at a little more than half their face value.
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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

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