Coinbase Stock Hits New Low, Down 87% From Start of 2022 – Cryptonium News

Coinbase Stock Hits New Low, Down 87% From Start of 2022

According to Yahoo! Finance, Coinbase’s stock price reached its lowest price since the company went public last year, with COIN falling 87.04% to $35.00 from $268.15 on December 21, 2021.
Technology stocks suffered full losses in 2022, Coinbase being unusual for a publicly traded company whose core business is cryptocurrency, Block Inc. (formerly Square) and cryptocurrency mining companies Core Scientific and Riot Blockchain.

But despite COIN’s decline, Katie Wood, chief investment officer and portfolio manager at Ark Invest, bought another 297, 000 shares of Coinbase Stock, worth $1, 1.9 million, last week. The investment fund now owns 6, 139, 480 shares of Coinbase worth $246.7 million.

Coinbase Shares Hit New Lows as Earnings Plunge
In June, Coinbase initiated a hiring freeze and began collecting job offers for new employees. Then, in July, Coinbase laid off 1, 100 employees, or 18% of its workforce, as the bear market in virtual currencies continued to dominate the industry.

At the time, Coinbase CEO Brian Armstrong said in a company announcement that rapidly changing economic conditions and the possibility of a recession were deciding factors in the downsizing, explaining that the company needed to prepare for the worst.

  • Coinbase CEO @brian_armstrong today announced the difficult decision to downsize the Coinbase team by 18%. Details and reasons are available in Brian’s email to employees ➡️ https://tco/SpdZU3KdpS
    – Coinbase (@coinbase) June 14, 2022

Despite a falling stock price, Coinbase is optimistic about the future. Last week, the company shared images on Twitter of innovations that many don’t believe will succeed, including phones, cars, and elevators.

For every breakthrough technology, there are millions of skeptics,” he said. Turn off the sound and keep building,” the company tweeted.

  • For every breakthrough technology there are millions of skeptics. Turn off the sound and keep building. Photo. Twitter. com/UKdFRitGdq
    – Coinbase (@coinbase) December 16, 2022

Shares of publicly traded bitcoin mining company Core Scientific also plunged in 2022; CORZ stock traded at $10.06 at the beginning of the year; on December 1, 2022, the stock was trading at $0.22, down 97%.