Why Shares of Coinbase Fell Today

Shares of the large crypto exchange Coinbase (NASDAQ: COIN) fell nearly 5% today after a big investor took a short position in the company, which currently has a nearly $38.5 billion market cap.

Veteran short seller Jim Chanos, who rose to prominence by shorting Enron before scandal engulfed the energy and commodities company and eventually took it out of business, now thinks Coinbase is overvalued.

Chanos of Kynikos Associates told CNBC Friday that he thinks Coinbase is a "bubble stock." He added that he thinks the company's earnings could fall in the future and that they're based in part on a story:

Source Fool.com