Coinbase Global (NASDAQ: COIN), one of the largest cryptocurrency trading platforms in the world, went public through a direct listing last April with a reference price of $250 per share. The stock started trading at $381, hit its all-time high of $429.54 that day, and closed at $328.28.
The bulls initially loved Coinbase because cryptocurrencies were on fire. On the day that Coinbase went public, a single Bitcoin (CRYPTO: BTC) cost $63,110, and an Ether (CRYPTO: ETH) token was worth $2,435. But today Bitcoin trades at about $39,000, and Ether is at about $2,600 -- well below its all-time high of $4,891.70 last November.
Image source: Getty Images.
Source Fool.com