- Shares of Coinbase Global hit an all-time low amid rising investor skittishness over how far the fallout from rival exchange FTX’s insolvency might spread.
- The drop aligns with a downturn in digital asset prices, which have fallen after the collapse of Sam Bankman-Fried’s crypto empire.
Shares of Coinbase Global, the largest US cryptocurrency exchange, hit an all-time low amid rising investor skittishness over how far the fallout from rival exchange FTX’s insolvency might spread.
It’s stock dropped as much as 10.3% to $40.61 before closing down 9% on Monday, leading other crypto-related shares lower.
While Bitcoin, the largest cryptocurrency by the market capitalisation, is down 65% year-to-date, Coinbase’s shares have plunged more than 80%. The drop aligns with a downturn in digital asset prices, which have fallen after the collapse of Sam Bankman-Fried’s crypto empire.
Coinbase has 14 buy, 12 hold, and 6 sell ratings. On Friday, Bank of America downgraded Coinbase to neutral from buy.
Shares of Marathon Digital Holdings, MicroStrategy, Riot Blockchain and Core Scientific all respectively dropped by as much as 10% as well.
Meanwhile, Cathie Wood’s Ark Investment Management funds have purchased more than 1.3 million shares of Coinbase since the start of this month.
