Coinbase Global (NASDAQ: COIN) likely hasn't made anyone a millionaire since it went public via a direct listing on April 21, 2021. The leading cryptocurrency exchange listed its shares with a reference price of $250, but no shares were actually sold at that price. Its stock opened at $381, soared as high as $429.54, and ended its first trading day at $328.28. It eventually closed at its all-time high of $357.39 during the apex of the growth stock rally on Nov. 9, 2021.

But today, Coinbase trades at about $130. The stock stumbled as cryptocurrency prices declined and rising interest rates drove investors toward more conservative investments. Many investors might be reluctant to buy Coinbase after that steep drawdown, but could it still generate millionaire-making gains for long-term investors?

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