Coinbase Global, Inc. (NASDAQ:COIN) is an American public company that operates a cryptocurrency exchange platform. It is the largest cryptocurrency exchange in the United States by trading volume.
On Tuesday, Coinbase announced it would lay off 950 staff. This brings Coinbase’s total headcount to his 2,000-plus employees after Spring 2022.
After the update, Coinbase’s stock price rose.
On Tuesday morning, COIN opened at $37.76 with a trading volume of 3.21 million, rising to $42.40 on the same day. The stock has ranged from $37.50 to its current trading price of $43.78 (at time of writing).
Coinbase’s stock price fell 86% last year amid turbulent geopolitical and macroeconomic conditions. The impact of economic and political headwinds was exacerbated by the collapse of the cryptocurrency industry.
The exchange reported a sharp drop in revenue from last year. Last year he made $2.6 billion in revenue, which is now down almost 50% year-over-year.
Meanwhile, ARK Investment has added 74,792 shares of Coinbase (COIN) to the ARK Innovation ETF (ARKK), according to an investor email on Thursday. Based on Coinbase’s last closing price of $43.78, this is worth about $3.28 million.
ARK also added 69,060 shares of Tesla (TSLA) worth approximately $8.5 million to ARKK’s holdings.
According to Coinbase’s balance sheet, it had $5 billion in cash, excluding assets under custody, as of the end of September. Its cash balance has decreased by about $2.1 billion in the first nine months of 2022. Coinbase bonds sell for around $0.50 per dollar. Fixed income investors may be expecting trouble for Coinbase.
Coinbase expands in Europe
According to media reports, Coinbase is expanding in Europe. The European Union is working to pass a common framework, the Crypto Asset Market (MiCA) regulation, aimed at regulating crypto trading across the 27 member states of the European bloc. Coinbase last year launched its expansion into Italy, Spain, France, the Netherlands, and her non-EU Switzerland.
