Crypto slump means Coinbase’s day of reckoning is fast approaching | Business
Faced with a plunging stock price, collapsing market share and soaring losses, Brian Armstrong, the boss of Coinbase, put on a brave face. “It’s never as good as it seems, and it’s never as bad as it seems,” the 39-year-old billionaire told investors last week, while unveiling a huge $1.1 billion (£910 million) loss for the quarter to June.
It does, though, seem very, very bad for Coinbase — and it could get far worse for the $19 billion cryptocurrency exchange. Indeed, a growing number of critics and short-sellers reckon the poster-child of the crypto boom may soon turn into its cautionary tale — that the company is destined to shrink to irrelevance or get swallowed up at a deep discount.
Dan Dolev, an analyst
