Analyzing the Factors Behind Coinbase Stock Prices
Intro
The world of cryptocurrency has certainly stirred up quite the buzz in recent years, particularly with platforms like Coinbase at the forefront. As an investor or merely a curious observer, understanding the stock price dynamics of Coinbase is crucial. This exploration takes us through multifaceted layers that contribute to its price, from the foundational aspects of cryptocurrency itself to the market’s current landscape and what the future may hold.
Coinbase isn't just a platform for buying and selling digital currencies; it's a key player in a broader narrative about the financial future. To truly grasp how its stock price fluctuates, one must first understand what cryptocurrency is and how underlying technology propels this space.
Understanding Cryptocurrency Fundamentals
What is Cryptocurrency?
Cryptocurrency is a digital or virtual form of currency that employs cryptography for security. Unlike traditional currencies issued by governments, cryptocurrencies operate on decentralized networks based on blockchain technology. This decentralized nature is supposed to cut out the 'middleman', presenting an alternative to conventional banking principles.
One can liken cryptocurrency to a digital asset, where ownership is established and verified through advanced mathematical algorithms and distributed ledger systems. Bitcoin, Ethereum, and Litecoin are just a few household names in this domain, but they barely scratch the surface of the diverse array of options available.
How Blockchain Technology Works
At the heart of cryptocurrencies lies blockchain technology. Imagine a public ledger that accounts for every transaction across a network of computers. This ledger is accessible, verifiable, and fundamentally secure. Changes to this ledger require consensus from multiple parties, ensuring that no single entity can manipulate the data.
Moreover, each transaction is compiled into a block, which is then added to a chain, forming a comprehensive history of all past transactions. The beauty of this system lies in its transparency and security, making it difficult for fraud to occur.
"The security and transparency offered by blockchain technology is what lures many investors to the crypto market."
By grasping these core concepts of cryptocurrency and blockchain, one sets the stage for understanding how various factors influence Coinbase’s stock price. With the foundation established, we can now explore the current market insights and trends that shape investor behavior and impact Coinbase directly.
Market Insights and Trends
Current Market Trends and Analysis
As of late, the cryptocurrency landscape is marked by notable volatility, with investor sentiment fluctuating based on regulatory news, technological advancements, and macroeconomic factors. For instance, rising inflation or changes in interest rates can heavily influence market performance, which in turn affects Coinbase's stock. In 2023, several analysts pointed out a particular uptick in interest for regulatory compliance among crypto platforms, hinting at a possible shift that could impact Coinbase's standing in the market.
- Increased institutional investment in cryptocurrencies.
- The growing trend towards integrating blockchain technology in various sectors.
- Potential regulatory frameworks being developed around cryptocurrency.
Such trends signal that investors must remain both informed and adaptable. Investing in Coinbase isn’t simply a bet on the platform itself but also a reflection of larger market movements.
Future Predictions and Investment Strategies
Looking ahead, predictions around Coinbase's stock price remain mixed, driven by the unpredictable nature of cryptocurrencies. Some analysts suggest that as traditional finance continues to evolve, cryptocurrencies will grow in acceptance, potentially driving Coinbase’s stock up.
Others, however, caution against the inherent risks associated with investing in such a volatile sector. Strategies to consider might include:
- Diversification: Spread investments across various cryptocurrencies rather than placing all bets on Coinbase alone.
- Long-term holding: Consider the historical potential for cryptocurrencies to rebound after downturns, holding shares for longer periods might yield benefits.
- Stay updated: Regularly follow news and developments related to regulatory changes, as they can significantly impact market sentiment.
As we navigate through the complexities of the Coinbase stock, keeping a close pulse on both foundational technology and market dynamics will prove invaluable for any investor looking to engage successfully in the crypto realm.
For further insights into market trends and cryptocurrency fundamentals, resources like Investopedia and CoinDesk can be quite helpful.
Prelude to Coinbase
When it comes to demystifying the nuances of stock dynamics in the cryptocurrency realm, Coinbase stands out as a pivotal player. As a popular platform for buying and selling cryptocurrencies, its stock movements relay broader market trends, regulatory impacts, and investor psychology. Understanding Coinbase isn’t just about its services but also delving into the diverse elements that influence its stock price.
Key points to consider:
- The role of Coinbase as a cryptocurrency exchange.
- Its importance in shaping digital currency market landscapes.
- Factors like regulatory changes and market volatility that affect its stock price can play a significant role in the understanding of current market dynamics.
In this segment, we'll initiate our exploration of Coinbase by presenting a comprehensive examination of its fundamentals.
Company Overview
Coinbase Global Inc., founded in 2012 by Brian Armstrong and Fred Ehrsam, has rapidly ascended as one of the leading firms in cryptocurrency exchange. With a mission to create an open financial system for the world, Coinbase primarily facilitates buying, selling, and storing digital currencies like Bitcoin, Ethereum, and others. The platform is known for its user-friendly interface that makes it accessible to newcomers and seasoned traders alike.
As of my last knowledge update in 2023, Coinbase boasts millions of active users, and its revenue model primarily hinges on transaction fees, which can fluctuate based on the volume of trades and market conditions. The firm was the first cryptocurrency company to go public, allowing tradable stakes on the Nasdaq that attracted significant attention from both institutional and retail investors. This IPO not only put Coinbase in the spotlight but also raised discussions about the legitimacy of cryptocurrencies in traditional financial markets.
Historical Context
To grasp Coinbase’s current position and growth trajectory, one must dive into its historical background. The company emerged during a time when Bitcoin was still viewed with skepticism, trading at a fraction of its later value. Coinbase's initial momentum can be attributed to the broader adoption of cryptocurrencies, as well as its strategic moves to align with regulatory frameworks in the U.S.
In 2017, the crypto boom saw Coinbase’s user base swell significantly, transitioning it from a niche startup to a household name in digital finance. The company’s journey was not without pitfalls, though; regulatory scrutiny over how cryptocurrencies are treated led to many challenges. The 2020 market resurgence, coupled with rising interest in decentralized finance (DeFi), solidified Coinbase's status as a critical actor in the space.
Moreover, with its debut on the stock market in April 2021, Coinbase's valuation was a focal point in discussions regarding the future of digital assets, further embedding it in the historical narrative of cryptocurrency markets.
If you want to read more about cryptocurrencies and their advancements, you might find sources from Investopedia.
Knowing where Coinbase has come from allows us to better comprehend the volatility of its stock and market influences that may affect its outlook moving forward.
The Stock Market Landscape
The stock market landscape plays a pivotal role in understanding Coinbase's stock dynamics. It encompasses not just the buying and selling of shares, but also the broader economic and financial frameworks that influence investor behavior. Grasping this landscape lets one see beyond the numbers on a screen and delve into the complex interplay of market forces at work. By recognizing these elements, investors can better predict price fluctuations, assess risks, and identify opportunities within this volatile environment.
Initial Public Offering
Coinbase’s journey into the stock market began with its Initial Public Offering (IPO) on April 14, 2021. This marked a watershed moment for the cryptocurrency exchange, as it became the first major cryptocurrency entity to go public. The IPO was noteworthy for several reasons. Firstly, it was a direct listing, meaning Coinbase did not dilute its shares in order to raise additional capital. Instead, it allowed existing shareholders to sell their shares directly to the public.
During its debut, Coinbase’s stock opened at $381 per share, valuing the company at nearly $100 billion. The excitement surrounding the stock was palpable; it became a litmus test for the broader adoption of cryptocurrencies. However, the initial euphoria was not without complications.
After its staggering rise, Coinbase’s stock price experienced significant volatility in the months that followed. As the market adjusted to the realities of a public listing, existing investors had to come to terms with the changing valuation and the competitive landscape. This IPO set the tone for other crypto-based enterprises looking to follow in its footsteps, highlighting the increasing momentum of digital currencies in traditional finance.
Market Positioning
Market positioning refers to how Coinbase situates itself against competitors and within the larger financial ecosystem. As a leading cryptocurrency exchange, Coinbase has carved out a significant niche, partly due to its user-friendly interface and regulatory compliance. By prioritizing security and transparency, the platform has built trust among users, which is crucial in an industry fraught with skepticism.
The competition is fierce, with platforms like Binance and Kraken vying for market share. However, what sets Coinbase apart is its focus on mainstream adoption. The exchange has strategically partnered with various companies and integrated its services into traditional financial systems, such as offering cryptocurrency custody services to institutional investors. This positioning not only elevates Coinbase's status but also promotes the legitimacy of cryptocurrency as an asset class.
To continue thriving, Coinbase needs to adapt to regulatory changes and emerging technologies. The ever-evolving landscape of digital currencies presents both challenges and opportunities.
Key takeaways in market positioning include:
- User Trust: Building confidence through security and ease of use.
- Strategic Partnerships: Collaborating with established financial institutions for wider reach.
- Regulatory Compliance: Staying ahead of legal requirements to foster investor confidence.
Coinbase's focus on user experience and strategic positioning demonstrates that success in the crypto space requires more than just technology; it necessitates a deep understanding of market dynamics and investor needs.
In summary, the examination of the stock market landscape for Coinbase reveals a multifaceted scenario enriched by its IPO and strategic positioning. Investors and enthusiasts should keep a watchful eye on how these elements influence Coinbase's future trajectory in the ever-shifting world of cryptocurrencies.
Factors Affecting Stock Price
Understanding the factors that affect the stock price of Coinbase is crucial for investors. This section sheds light on the various elements that create ripples in its stock performance, assisting both seasoned and new investors in making informed decisions. From demand and supply dynamics to overall market sentiment, each factor intertwines to paint a complex picture of what influences Coinbase’s market valuation.
Market Demand and Supply
The driving force behind any stock's price movements often boils down to the age-old principle of demand and supply. For Coinbase, as the number of investors interested in buying its stocks increases, the price tends to rise, creating a positive feedback loop. Conversely, if many shareholders decide it’s time to sell, the stock value can plummet, regardless of the underlying business performance.
Factors that can sway demand include promotional campaigns, product launches or upgrades, and news of strategic partnerships. A noticeable uptick in user registrations often signals a surging demand that can lead to higher stock valuations.
Also, as Coinbase expands its international operations, the scope of potential investors grows, enhancing overall market interest. Supply, on the opposite end, is affected by the number of shares available to trade, which in turn can be influenced by management decisions regarding buybacks or issuance of additional shares to raise capital. Balancing demand and supply is crucial for achieving a stable stock price for Coinbase.
Influence of Cryptocurrency Prices
Coinbase operates in an environment heavily impacted by the prices of various cryptocurrencies. When Bitcoin or Ethereum sends shockwaves through the market, Coinbase's stock price often mirrors those movements. A surge in cryptocurrency prices typically results in increased trading volumes on Coinbase's platform, generating higher revenues for the company.
For instance, when Bitcoin hit an all-time high, many users flocked to Coinbase to trade, resulting in a notable spike in revenue that invariably influenced stock price positively.
However, this correlation can backfire; falling crypto prices may lead to diminished trading activity, sending the stock price tumbling in the process. Investors need to keep a keen eye on the digital currency landscape, as its volatility can have profound implications on Coinbase's financial health and stock performance.
Regulatory Developments
The cryptocurrency industry is steeped in regulatory uncertainty, which can cause significant fluctuations in Coinbase's stock price. When governments announce regulations or clampdowns, investors often react swiftly. For example, a favorable regulatory framework can drive investor confidence, pushing the stock price up. Conversely, negative news, such as the possible prohibition of cryptocurrency trading in a major market, can send prices spiralling down.
Keeping abreast of developments from regulatory bodies, such as the SEC in the United States or other international agencies, is essential for anyone looking to invest in Coinbase. Investors need to evaluate not only the current regulations but also the potential changes on the horizon that could dramatically alter the playing field.
Regulatory developments can be a double-edged sword, sometimes providing much-needed clarity, other times creating turmoil in the marketplace.
Investor Sentiment
The psychology of investors plays a pivotal role in shaping Coinbase’s stock price. Market sentiment can swing from sky-high optimism to crippling fear, and such fluctuations often impact stock valuations more than the fundamentals. For instance, positive news stories or endorsements from influential figures in the cryptocurrency space can send stock prices soaring, while hacks or negative press can create fear-induced sell-offs.
Platforms like Reddit and Twitter can amplify this sentiment, with user discussions igniting buying or selling frenzies. Keeping a pulse on mainstream opinions and debates about Coinbase, can provide valuable insight into potential movements in stock prices.
Company Performance Indicators
Lastly, understanding various company-specific performance indicators is vital for evaluating the potential of Coinbase's stock. Metrics such as total revenue, user growth rate, and profitability are indicative of how well the company is doing financially. Annual reports and quarterly earnings results can offer snapshots of performance, helping investors ascertain whether the stock is fundamentally strong.
Moreover, metrics like active users, transaction volumes, and average revenue per user serve as good guidelines of operational health, often influencing investors' perceptions. A strong performance in these metrics can enhance institutional confidence, leading to possible stock price appreciation, while poor results can have the opposite effect.
In essence, a comprehensive look at Coinbase’s stock requires an understanding of these multifaceted factors. Each affects the stock price in its unique way, revealing the intricate dance between market forces, investor psychology, and business performance.
Technical Analysis of Coinbase Stock
Understanding the technical analysis of Coinbase stock offers insights into market behavior and price movements. This method relies on historical price data and trading volume to forecast future performance. Applied correctly, technical analysis can be a special tool for traders, helping to enhance investment strategies by pinpointing potential price movements and trends. Unlike fundamental analysis, which focuses on a company's financial health, technical analysis provides a different lens—one that emphasizes the patterns created by traders in the market.
Price Trends and Patterns
The examination of price trends and patterns is pivotal in understanding Coinbase’s stock behavior. Analyzing historical price movements helps depict the stock’s trajectory over time, revealing critical levels of support and resistance. For instance, when prices repeatedly bounce off a certain level, that level can be termed as support. On the flip side, resistance levels are where stocks tend to struggle to rise above, often leading to reversals.
These patterns, such as head and shoulders or flags, can signal potential market reversals or continuation. An investor observing a bullish flag pattern might consider it a green light for buying, expecting the price to surge. One specific aspect to consider is trend lines which connect price lows or highs to visualize the price trajectory over time.
"Price is what you pay; value is what you get." - Warren Buffett
This quote is particularly relevant in interpreting price movements with a long-term perspective, where seeing beyond fluctuations can provide a clearer outlook on real asset value.
Volume Analysis
Volume analysis supplements price trend interpretation by showcasing the number of shares traded in a specific period. High trading volumes can signify strong investor interest, often correlating with significant price movements. For instance, if Coinbase stock price increases alongside a spike in volume, it hints at strong demand and investor confidence. Conversely, low volume during price increases could imply a lack of strong conviction among traders.
It’s essential to monitor volume patterns in relation to price changes. A price increase with decreasing volume might suggest impending weakness, hinting at a potential reversal. On the other hand, consistent high volume can confirm that a trend is strong, indicating that investors should closely watch their positions and future market moves.
Moving Averages and Indicators
Moving averages, like the simple moving average (SMA) and exponential moving average (EMA), serve as crucial tools in gauging the price momentum of Coinbase stock. By smoothing out recent prices, moving averages help filter out short-term noise and offer a clearer picture of longer-term trends. For example, if the stock price crosses above its 50-day moving average, it may signal a bullish sentiment among traders.
Incorporating other indicators, such as the Relative Strength Index (RSI) or Moving Average Convergence Divergence (MACD), can give additional layers of insights. The RSI, measuring momentum, helps identify whether a stock is overbought or oversold. If Coinbase’s RSI hits above 70, it might signify that the stock is overvalued, indicating a potential pullback. Conversely, an RSI below 30 may suggest that the stock is oversold, positioning it as a bargain for investors.
Recent Developments in Coinbase
The cryptocurrency landscape is constantly evolving, and Coinbase, being one of its frontrunners, has been at the crux of numerous recent developments. Understanding these elements is critical for investors and enthusiasts alike, as they provide insights into Coinbase's strategic direction and stock price dynamics. This section delves into key updates around partnerships, technological advancements, and their implications for the company’s future performance and position in the market.
Partnerships and Collaborations
In recent times, Coinbase has made headlines with various strategic partnerships that intend to bolster its service offerings and expand its reach. For instance, a recent collaboration with Mastercard aims to provide a seamless experience for consumers interested in cryptocurrency. This venture allows users to purchase NFTs directly using their Mastercard, smoothing out the purchasing process and potentially attracting new users. Such partnerships are not just fluff; they symbolize trust and innovation, helping Coinbase position itself as a more user-friendly platform in an increasingly competitive market.
Another noteworthy collaboration involves Circle, creator of USDC, which is a pivotal stablecoin in the crypto ecosystem. This partnership strengthens Coinbase's ability to facilitate faster transactions and enhances liquidity options for users. As stablecoins gain traction, Coinbase's capacity to leverage them shows foresight into shifting consumer preferences, setting the stage for potential growth.
"Strategic partnerships can serve as force multipliers in the fast-paced crypto market; they can amplify an organization's reach and capabilities."
Technological Innovations
Coinbase is also diving headfirst into technological innovations that promise to reshape how users interact with cryptocurrencies. Recently, the firm introduced an on-chain analytics tool that not only tracks the flow of funds but also enhances user confidence by providing transparency. Such tools can demystify complex movements within the blockchain, making the crypto realm more accessible for everyday investors. This transparency stands to play a significant role in attracting institutional investors who often require extra assurance in the digital asset landscape.
Moreover, the rollout of a new secure wallet addresses a long-standing concern around digital asset safety. Designed with advanced multi-signature technology, this wallet offers a significantly improved level of security. For many potential investors, the fear of hacking and loss of funds is a major barrier. By rolling out top-notch security features, Coinbase establishes its commitment to protecting user assets and fortifying trust.
Comparative Analysis with Competitors
In the realm of cryptocurrency exchanges, conducting a comparative analysis with competitors stands as an essential aspect of understanding Coinbase's stock price dynamics. When investors delve into the market, they don’t just look at one company in isolation—instead, they evaluate how a specific company stacks up against its peers. This analysis reveals critical insights into market share, operational efficiencies, and overall competitiveness, which can significantly influence stock performance.
Market Share Comparison
When juxtaposing Coinbase with its key competitors such as Binance and Kraken, market share becomes a critical parameter. Market share generally indicates the proportion of the total market that a company controls. In the fast-paced world of cryptocurrency, where new exchanges pop up regularly, understanding where Coinbase stands can provide a clearer picture of its stability and growth potential.
For instance, if Binance is seen capturing a growing share of the market while Coinbase remains stagnant, investors may lose confidence, leading to a drop in Coinbase's stock price. In 2023, for instance, Binance held approximately 55% of the total cryptocurrency exchange market compared to Coinbase's 15%. This stark difference can serve as a warning signal for investors.
Conversely, if Coinbase manages to enhance its market share through new offerings or improved user experience, then it could reflect positively on its stock. Monitoring these shifts not only helps in understanding market dynamics but also reflects broader trends in investor behavior and user preferences.
Operational Performance Metrics
Looking under the hood at operational performance metrics reveals a great deal about a company's health. For Coinbase, key performance indicators such as transaction volume, user growth, and operational efficiency are vital. These metrics often serve as a bellwether for potential stock price shifts.
- Transaction Volume: The volume of trades conducted on Coinbase can directly impact its revenue. A surge in trading volumes usually translates to increased transaction fees, giving a boost to revenue.
- User Growth: Monitoring user growth trends can provide insight into Coinbase's market appeal. If they are adding to their user base—especially in a competitive landscape—this bode well for future revenue and profitability.
- Operational Efficiency: Metrics related to costs and infrastructure can also impact overall performance. For example, if Coinbase manages its operational costs efficiently, it has a better chance of maintaining profitability even during downturns in the market.
Effective comparison in these areas with competitors like Binance and Kraken can provide investors with a more detailed understanding of Coinbase’s potential stock price movements. If Coinbase’s metrics are outperforming those of its competitors, it may instill greater confidence among investors, thereby supporting its stock price.
"Just like in a poker game, knowing your competitors can give you the upper hand at the investment table."
These comparative analyses allow stakeholders to make informed decisions, ensuring they remain ahead in a competitive landscape. Thus, for any interested party, being well-versed in these aspects is not just necessary but fundamental to grasping the intricacies of investing in Coinbase stocks.
Long-term Investment Considerations
Long-term investment considerations when it comes to Coinbase stock aren't just an afterthought; they're the backbone of a sound investment strategy. As an investor, navigating the crypto waters requires foresight, patience, and a sharp understanding of the potential road ahead. Over the years, Coinbase has not merely been a trendsetter but a bellwether in the cryptocurrency realm. Thus, assessing the elements that influence its long-term viability is crucial.
Future Profitability Prospects
Looking at the horizon, we must consider the pivotal question: what does the future hold for Coinbase? The company's ability to capitalize on soaring cryptocurrency adoption is a key indicator of its profitability prospects. Revenue streams are diversifying, with Coinbase expanding beyond just trading fees. They've ventured into services like staking and lending, which can potentially boost their bottom line.
- User Growth: The increase in users, especially institutional ones, is a beacon of future growth. The more users engage with the platform, the more Coinbase stands to gain from transaction fees.
- Global Expansion: With ongoing efforts to penetrate international markets, Coinbase is not sitting idle. Expanding its services overseas can open up new revenue avenues.
- Innovative Financial Products: Stay tuned for new offerings that could cater to retail and institutional clients alike. If the company introduces products that tap into the broader financial ecosystem, it could see enhanced margins.
Market Trends and Predictions
You can't surf the market without understanding the waves. Cryptocurrency is often volatile, but patterns can emerge. Analysing market trends provides insights into Coinbase's stock trajectory. Historically, price movements of major cryptocurrencies ripple through Coinbase's stock performance.
- Bull Cycles: When Bitcoin prices soar, Coinbase's transaction volumes typically soar with them. Understanding these cycles helps in predicting potential surges in Coinbase’s stock.
- Regulatory Winds: The regulatory environment can be a double-edged sword. Favorable regulations could lead to increased adoption, while restrictive measures might constrain growth.
- Technological Advances: Keep an eye on advancements in blockchain technology. As the landscape evolves, early adopters, like Coinbase, who align themselves with emerging technologies may find themselves ahead of the curve compared to their competitors.
Risk Assessment
No investment comes without its risks, and Coinbase is no exception. A comprehensive risk assessment is indispensable for a long-term strategic approach.
- Market Risk: Cryptocurrency markets are notoriously volatile. Significant drops in asset prices could adversely affect the stock price of Coinbase, underscoring the importance of a diversified portfolio.
- Operational Risks: As a tech-based company, Coinbase must mitigate cyber threats. Breaches or operational failures could damage investor confidence and affect stock performance.
- Regulatory Risks: Given the evolving legislation regarding cryptocurrencies, one must be wary of how new regulations could limit Coinbase’s operational capabilities or add compliance costs.
Closure
The conclusion of this article serves as a crucial lens through which we can distill the wealth of information discussed regarding Coinbase’s stock price dynamics. It is paramount to not only summarize the insights gained but also highlight the implications of these findings for current and prospective investors. In essence, this final section encapsulates the overall narrative while presenting thought-provoking reflections on the complexities surrounding Coinbase’s stock.
Summarizing Insights
Through our exploration, we have traversed various aspects that affect Coinbase's stock price. From the influences of market demand and supply, the fluctuations tied to cryptocurrency prices, to regulatory developments and investor sentiment, it’s clear that the landscape surrounding Coinbase is rife with intricacies. We also examined the competitive environment and how key partnerships, technological advancements, and operational performance shape its market standing.
- Market Demand and Supply: Changes in this balance can trigger significant movements in price, making it essential for investors to stay informed.
- Cryptocurrency Prices: The direct correlation between Coinbase’s performance and the broader cryptocurrency market creates both opportunities and risks for investors.
- Regulatory Landscape: With regulations rapidly evolving, understanding these changes can significantly influence investment decisions.
- Technical Indicators: Utilizing methods like moving averages and volume analysis assists investors in making informed choices.
Through these insights, investors can glean a clearer perspective of not just Coinbase’s stock but of the cryptocurrency market as a whole, profoundly impacting potential investment strategies.
Final Thoughts on Investment Decisions
Deliberations on investing in Coinbase necessitate a balanced approach, taking into account both the inherent risks and the lucrative prospects the company symbolizes. It’s essential to weigh the following considerations before making any significant investment decisions:
- Future Profitability: The potential for future earnings must align with investor expectations. Projections should account for the volatility inherent in the cryptocurrency sector.
- Monitoring Market Trends: Staying attuned to market trends, including competitor movements and regulatory changes, remains crucial.
- Risk Versus Reward Analysis: Establishing a personalized risk threshold can guide decisions and help mitigate potential losses.
In summary, an in-depth understanding of Coinbase’s stock dynamics empowers investors, positioning them to make informed choices that could navigate the ebbs and flows of the cryptocurrency market. The intersection of calculated risks and thoughtful investment strategies defines a successful engagement with Coinbase’s stock.
