Is It Finally Time to Consider This Crypto Company?
The ascension of Coinbase Global (NASDAQ: COIN) stock after it debuted on the Nasdaq in April 2021 likely marked the pinnacle of the most recent crypto bull run. Peaking at $369, shares of the crypto exchange have had a brutal descent since and have shed more than 80% of its value, trading for about $63. Most of the blame for this lackluster performance can be placed on a weaker cryptocurrency market.
Coinbase generates the bulk of its revenue from transaction fees on cryptocurrency purchases and sales on its trading platform. But the current crypto winter caused Coinbase's revenue to fall more than 60% in the past year. Yet, despite this pummeling, the company is building for a brighter future.
One of Coinbase's most impressive achievements in 2022 was related to its development of offering institutional investors crypto exposure. Although retail investors are more numerous, institutional investors typically have much more capital at their disposal.
Source Fool.com
