Buying a Coinbase stock (NASDAQ:) to gain indirect exposure to the (BTC) market has so far been a poor strategy compared to simply holding BTC.
Notably, COIN is down nearly 50% to nearly $186 as measured from its opening price on its initial public offering (IPO) on April 14, 2021. In comparison, Bitcoin outperformed Coinbase stocks by registering fewer losses over the same period — slightly over 30% as it fell from nearly $65,000 to about $41,700(orange) vs. COIN price (blue). Source: TradingViewCOIN daily correlation with BTC. Source: TradingViewCoinbase’s Adjusted EBITDA Margins. Source: JR Research
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This post Bitcoin Beats Holdings Of COIN Shares By 20% Since Coinbase IPO By Cointelegraph was original published at “https://www.investing.com/news/cryptocurrency-news/bitcoin-beats-owning-coin-stock-by-20-since-coinbase-ipo-2787956”