Coinbase

Several investment firms cut their price target on Coinbase's stock this morning but noted that the shares are trading in 'oversold' territory and expressed ...

The number of monthly transacting users also fell to 9.2 million, a decrease of 2.2 million from Q4. The exchange’s total trading volume shrank from $547 billion in the fourth quarter of 2021 to $309 billion. The bank has lowered its 12-month target for the stock from $240 to $80.

Coinbase — Shares sank 23% after Coinbase reported first-quarter revenue below expectations. Coinbase posted revenue of $1.17 billion versus the Refinitiv ...

Occidental reported first-quarter earnings of $2.12 per share on revenue of $8.53 billion. The RealReal — Shares of the secondhand luxury seller dropped 22% after the company reported a wider-than-expected loss for its most recent quarter. Krispy Kreme reported adjusted per-share earnings of 8 cents on $373 million of revenue. Analysts surveyed by Refinitiv had penciled in 18 cents per share on $497 million of revenue. The company reported an adjusted 17 cents in per-share earnings on $489 million of revenue. Unity Software reported $320 million in revenue in the first quarter, while analysts surveyed by Refinitiv expected $322 million.

Shares dropped 23% to $56.04 in New York on Wednesday, a far cry from its first-day closing price of $328.28 last April.

The company reported lower-than-expected revenues yesterday, and warned trading volume and monthly transacting users in the second quarter is expected to be lower than in the first. Bitcoin fell below $30,000 and touched its lowest level since June, while the TerraUSD stablecoin continued its downward spiral. “We believe COIN’s stock will struggle to outperform in the near term.”

Cryptocurrency exchange Coinbase lost close to half-a-billion dollars in the first quarter of 2022, which helped push its stock price down to less than ...

Armstrong likened Lightning to the early internet “moving from dial-up to broadband” in terms of expanding BTC’s bandwidth. Yet Coinbase continues to ignore BSV, while keeping its customers in the dark by ‘passing off’ BTC as Bitcoin. A Tuesday filing with the U.S. Securities and Exchange Commission (SEC) notes that, as of March 31, Coinbase held $256 billion in fiat and cryptocurrency on behalf of its customers. That compliance focus probably came as a surprise to regulators in India, which blocked Coinbase from using the Unified Payments Interface (UPI) system the same day the company began offering full-service trading operations to local customers. Coinbase is also excited about “the expansion of our staking offering,” which was the site’s most popular non-investing product. Armstrong opted against sharing any metrics, saying little beyond the fact that there was “lots of inventory.” And just FYI, that lack of commitment could also extend to the company’s rank-and-file customers. Coinbase CFO Alesia Haas clarified that the company has a goal of capping 2022’s potential full-year adjusted earnings loss at “approximately $500 million.” Both retail ($74 billion, -58% Q-on-Q) and institutional ($235 billion, -37%) trading was in the red, with the retail figure representing an all-time low for the firm, suggesting a greater number of ‘minnow’ customers have belatedly figured out that this speculative game is rigged against them. BTC and Ethereum accounted for 24% and 21%, respectively, of Q1’s trading volume, up from 16% apiece in Q4. Meanwhile, ‘other crypto assets’ – aka crap tokens owned by venture capital firms with seats on Coinbase’s board of directors – saw their trading volume fall 13 points to 55% of the total. The carnage has only accelerated in after-hours trading, with the price threatening to slip below $60 at several points. Adjusted earnings tumbled from $1.2 billion in Q4 to just $20 million in the most recent quarter.

The major exchange used the term, meaning "We're All Gonna Make It," even as its earnings report fell short of expectations in several departments.

At the same time, it believes this is all transitory and a distraction at the end of the day. In a letter to shareholders, the company anticipates next quarter will see further declines in monthly transaction users and trading volume, as well as subscription and services revenue. “We also tend to see the down period as a big opportunity because we're greedy when others are fearful,” Armstrong said on Tuesday’s earnings call. Any failure to do this for whatever reason, Coinbase explains, could lead to a host of adverse impacts that harm the business, but also expose it to serious penalties, fines, regulations, or litigation. The crypto exchange also noted that revenue fell 27 percent year-over-year to $1.17 billion—well below Wall Street projections. Coinbase fell nearly 30 percent at one point on Wednesday—this is after it fell 15.6 percent in after-hours trading following its 1Q22 earnings call.

The exchange operator's losses are mounting as crypto prices plummet.

With the prices of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and many other cryptocurrencies declining further so far in the second quarter, Coinbase warned of a continued deterioration in its transacting user and trading volume metrics. Declining sales combined with rising expenses led to the company posting a net loss of $430 million, compared to net income of $840 million in the fourth quarter and $771 million in the year-ago period. The exchange operator's monthly transacting users declined by 19% compared to the fourth quarter.

On Wednesday, analyst Will Nance lowered his rating for the cryptocurrency-trading platform's shares to Neutral from Buy, citing a softening earnings outlook. “ ...

The firm provides a development platform for building and launching Web 3 games, apps and NFTs.

After disenchanting Q1 results, a hasty exit from India, and a PR misstep, the cryptocurrency platform is sinking.

No representation or warranty is given as to the accuracy or completeness of this information. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. We’re seeing a downmarket for growth tech stocks and risk assets, Coinbase and crypto is no exception to that.’ And while institutional trading grew by 9% to $235 billion mirroring the wider mainstream acceptance of crypto as a valid investment, total trading volume fell from $547 billion in Q4 2021 to $309 billion. Specifically, it’s concentrating on the next generation of crypto to further growth. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. Having halved in value since November, the flagship cryptocurrency remains a target for governments and regulators seeking to tighten unregulated digital assets. And it noted that ‘these market conditions are not permanent, and we remain focused on the long-term.’ It has previously warned investors to expect a rollercoaster, due to the underlying volatility of cryptocurrency. This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Strikingly, general and administrative expenses shot up by 39% to $414 million. Coinbase’s revenue fell 27% year-over-year to $1.17 billion, far below the $1.48 billion Refinitiv average analyst forecast.

Billionaire crypto fortunes that swelled over the last two years are disappearing after a sell-off that began with tech stocks spilled over into digital ...

Trading volumes at Coinbase have steadily fallen since the beginning of the year, while more internationally focused Binance saw an uptick in volume last month. Tyler and Cameron Winklevoss, co-founders of rival crypto exchange Gemini, have each lost about $2.2 billion – or roughly 40 per cent – of their wealth this year. By Wednesday, that fell to $US11.6 billion, using the average enterprise value to sales multiples of Coinbase and Canadian crypto firm Voyager Digital as a basis for the calculations. Bitcoin, the most popular cryptocurrency, and ether have both fallen more than 50 per cent since their record highs late last year. There is “no risk of bankruptcy” even amid a “black swan” event and users’ funds are safe, said Mr Armstrong, the firm’s chief executive officer. Crypto exchanges in the US appear to be suffering more of a downturn than their global competitors.

Coinbase CEO Brian Armstrong has addressed investor concerns over the exchange's plans in case of bankruptcy.

Those tremors have even impacted ‘stablecoins’, put forward by crypto-advocates as an unwavering alternative to traditional digital assets. We should have had these in place previously, so let me apologize for that. It is currently trading at 81 US cents. The precise wording simply reflected the fact a bankruptcy court is yet to deal with the failure of a crypto platform the size of Coinbase, he added. In its SEC filing, the company intimated that crypto assets held in custody by Coinbase “may be considered the property of a bankruptcy estate”. In simpler terms: if Coinbase was to go under, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors.” Regarding the SEC filing, he claimed the Coinbase simply reflected on the risk of bankruptcy as part of new regulatory requirements on crypto platforms.

Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop ever on Wednesday as the famously ...

Biden’s order also directed federal agencies to study the impact of cryptocurrency on financial stability and national security. Terra recovered somewhat, to about 68 cents on Wednesday. On the day of its initial public offering just 13 months ago, prices hit $429 per share.

Coinbase reported a $430 million net loss in the first quarter, or $1.98 per share, on declining sales and active users. Analysts were expecting profit of 8 ...

Biden’s order also directed federal agencies to study the impact of cryptocurrency on financial stability and national security. However, a recent run on the TerraUSD stablecoin dropped its value to as low as 30 cents, sowing doubt among investors about the safety of stablecoins. Terra recovered somewhat, to about 68 cents on Wednesday. On Tuesday, Yellen testified to the Senate Banking Committee, warning legislators about stablecoins, which are digital currencies usually pegged to the dollar or a commodity such as gold. On the day of its initial public offering just 13 months ago, prices hit $429 per share. Revenue was down as trading volumes fell, and active monthly users declined 19% from the fourth quarter.