Coinbase’s no-good, very bad summer

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Coinbase’s no-good, very bad summer

Coinbase’s logo on an abstract background
Look out below! | Illustration by Alex Castro / The Verge

It’s been a minute since I checked in on our friends at Coinbase, and so when I saw Reuters noting that a class action suit would be going ahead, I thought perhaps we should all reflect together on Coinbase’s cruel summer.

The company’s shares have fallen by more than a third in the last 6 months, to $147.95 as of this writing, from $238.55 on March 6th. On the company’s first day of trading, in April 2021, its closing price was $328.28.

Quite a turn of fortune! Certainly some price fluctuation can be chalked up to the vagaries of the cryptocurrency market — Coinbase was trading at $153.98 at the start of this year, before a Bitcoin ETF got approved. When Bitcoin began a run in February, Coinbase also started trading up. Still, there...

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Summary

The article discusses the recent struggles of Coinbase, noting that the company's shares have plummeted over 30% in the past six months, currently trading at $147.95, down from $238.55 in March. This decline is significant compared to its initial trading price of $328.28 in April 2021. The drop in stock value is attributed to various factors, including fluctuations in the cryptocurrency market, despite a brief boost when a Bitcoin ETF was approved earlier in the year. Additionally, a class action lawsuit against Coinbase is moving forward, highlighting further challenges for the company during a tumultuous summer.

This article was summarized using ChatGPT

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