China’s blockchain-linked equity stocks have been doing notably better than the rest of the global crypto equity market during a flash crash on Wednesday. According to a Bloomberg-curated basket of eight Chinese A-share equities tied to the blockchain industry, China’s blockchain equity stocks were down less than 2% as of 6 a.m. UTC on Thursday, Bloomberg reports. The equity basket comprises shares of IT services company Shenzhen Forms Syntron, business management firm Ygsoft, and data exchange-focused company Brilliance Technology. Ygsoft — a Chinese company specializing in blockchain-based tools for supply chain and product traceability — is down around 1.6% over …
Garry Tan, a prominent angel investor and the founder of Initialized Capital, was one of the first investors to provide seed funding to Coinbase eight years ago. Less than a decade later, and after today's highly anticipated Nasdaq listing for Coinbase's COIN stock, Tan's 2013 investment of $300,000 into Coinbase is now worth $2.4 billion. Coinbase debuted on the Nasdaq on April 14 at $381 per share, making it one of the most hyped listings in the U.S. stock market of the year. How did $300,000 become $2.4 billion? In 2013, when Tan invested in Coinbase, it was unclear whether …
Major United States exchange Coinbase’s COIN stock has received a reference price at $250 from Nasdaq ahead of the much-anticipated direct listing on the stock exchange just hours from now. The price is far below the current FTX pre-trading price of $600, albeit on thin 24-hour volume of under $4 million. The exchange is going public via a direct listing instead of an initial public offering, meaning the reference price is not a direct indicator of the company’s market cap. It simply implies a valuation of $65 billion, which is below other estimates ranging between $68 billion and $120 billion. …
Cryptocurrency exchange Coinbase has disclosed its first net loss as a public company of $430 million in Q1, but CEO Brian Armstrong said on an earnings call that he’s “never been more bullish on where we are as a company.” In its first-quarter 2022 report, Coinbase disclosed that revenue had dropped 27% to $1.17 billion, down from $1.6 billion in the first quarter of 2021 and a long way off its Q4 2021 revenue of $2.5 billion. Monthly transacting users also dropped by over 19% to 9.2 million, from last quarter’s 11.4 million. Shares of Coinbase had already fallen by …
Cryptocurrency exchange Coinbase won’t escape from the profitability challenges it will face from the crypto market downturn, despite having a strong brand and credibility in the crypto market, according to investment analysts. Credit rating firm Moody’s released a note on Coinbase on Jan. 19 discussing its downgrade of Coinbase’s senior debt and corporate family rating (CFR) — a rating assigned to reflect the opinion of a company’s ability to honor its financial obligations. Coinbase’s CFR and senior debt were re-graded to B2 and B1 from Ba3 and Ba2 respectively, indicating the firm is “non-investment grade” and “speculative and subject to …