May 18, 2022

Coinbase’s Shares Face Enhanced Volatility Following Super Bowl Fiasco

1 min read

Popular crypto-exchange Coinbase saw its shares increase as the marketplaces opened today, after bringing millions of Superbowl audiences to their site on Sunday.

  • Coinbase was trading 5% down on the Nasdaq over the weekend. Nevertheless, their stock is back up 3% as of Monday, trading at about $200.
  • The motion comes following a successful Superbowl advertising campaign from the exchange, where it contended against other notable ads from Crypto.com and FTX.
  • The ad announced $15 in complimentary Bitcoin for anybody that joins the platform before Feb 15th. This assured a more guaranteed return than FTX’s comparable free gift of 7.54 Bitcoin to simply 4 fortunate winners.
  • The incentive showed too efficient to deal with. The exchange stimulated 20 million check outs to its landing page within only a minute after the ad aired, causing the company’s website to briefly crash.
  • The finals– which featured the LA Rams and Cincinnati Bengals– likewise starred Odell Beckham Jr, who got his whole salary in Bitcoin in 2015. The gamer scored the first touchdown of the match however was later eliminated from the game due to injury.
  • His efforts sufficed though: For banking on both Beckham and the Rams’ triumph, Canadian Rapper Drake won over $300k in Bitcoin bets on the match.

Coinbase stock. Source: Tradingview