Amid the apparent overall crypto market crash, the stock prices of America’s largest crypto exchange, Coinbase, reportedly went up by as much as 9%, closing the trading day at about $58.50 apiece. It is worth noting that this sudden surge in stock prices came at a time when the exchange recorded a massive quarterly loss of about $430 million and pulled in only about $1.17 billion in revenue for the first quarter of 2022.
Today, Coinbase, which trades with the ticker “COIN” on the Nasdaq, was all over the place. At one point, it dropped by 40% to as low as $41.85 per stock before surging back up again, proving once again the innate volatility exclusive to cryptocurrencies in general.
Industry experts believe that COIN’s resilience amid the encompassing crypto market crash has something to do with Ark Invest’s recent massive 546,579 Coinbase shares purchase, reportedly costing about $2.9 million. Ark Invest’s head figure, Cathie Wood, who is also a proponent of cryptocurrencies, implied yesterday that now – despite the market crash – might be the most opportune time to get involved with such disruptive tech investments.
However, despite the surge it is currently on, Coinbase stock was still arguably disappointingly moving slowly since the exchange’s public listing last year. To give a bit of hindsight, the exchange’s shares went as high as $381 apiece last year. Today’s closing price represents an 84% decline compared to its highest recorded value.