Coinbase Global
went public in 2021, with a debut valuation of a snappy $85 billion. This year hasn’t been exactly bountiful for the U.S.-based online crypto broker, with rising interest rates hitting risk assets—in its case, anything crypto—and the collapse of crypto pillars like FTX, Terra, BlockFi, and Celsius. Coinbase shares are now down some 86% on the year, hitting a new low Monday, and leaving the company with a market capitalization of $8.1 billion, CoinMarketCap data show.
Other red flags are flying. Coinbase bonds that mature in 2026 hit distressed levels this past week, with yields of 20% while trading at 50 cents on the dollar.
