Qustion: Why would anyone invest in a broker's stock that is trading well below its IPO price?
"Coinbase (NASDAQ:COIN) is an American company that operates a cryptocurrency exchange platform. It operates remote-first, and lacks an official physical headquarters." Wikepedia
Coinbase went public on the NASDAQ exchange on Apr. 14, 2021. It opened at $381.00, reached a high of $429.54, a low of $310.00, and closed at $328.28 that day.
Since then, price has fluctuated wildly, but never retested its opening-day high, as shown on the following weekly chart, and has plunged to and closed at a new low on Thursday at $170.20.
There have been almost twice as many sellers as buyers of this stock during this time, and it has lost about 60% of its value from its IPO high.
ANSWER: So, with regard to my question above, it's a mystery to me...as is the hype around buying Bitcoin (BTC/USD), about which I've written numerous articles here.
To Wrap It Up: The monthly chart looks even more nasty...and amplifies the ponzi-like risk associated with trading cryptocurrencies...in my opinion.
