Coinbase shares are down some 80% from their 52-week high of US$368.90 a share on Nov. 9 through Monday, closing at US$72.99. The stock dropped 19.5% overnight after the U.S.-based cryptocurrency exchange reported a Q1 net loss of US$430 million as trading volume declined 44%.
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Fast facts
- Coinbase reported a Q1 loss of US$430 million compared to a US$840 million profit in Q4 2021.
- Monthly transacting users dropped 19% to 9.2 million in Q1 from 11.4 million in Q4 2021.
- For Q2, Coinbase expects trading volume and revenue to decline further, in line with the crypto market downturn.
- However, Coinbase said it will continue to invest heavily in “building the future of crypto.”
- Shares of Coinbase have dropped about 70% year-to-date to US$72.99, well below the reference price of US$250 indicated at the time of listing.
See related article: Coinbase reports 75% drop in Q3 profits — despite SHIB listing