Coinbase Stocks Declined to IPO Price

Coinbase stocks declined to the IPO price. 23 days after the IPO, stocks fell to the IPO price.

The shares of Coinbase, which went public on April 14, started to be traded, rising to $ 429 on the first day. However, in the 23 days since the IPO, shares have dropped to almost $ 250 in public offering price. Coinbase shares, which were traded in the range of $ 320-350 after the day of the first public offering, fell to around $ 256, with a gradual decline since the beginning of May. Overcoming the traditional public offering process, Coinbase had directly listed its shares, allowing employees and existing shareholders to instantly sell their shares at a market-based price. Founded in 2012, the company emerged as the most popular crypto exchange in the United States and multiplied its value along with the digital currencies Bitcoin and Ethereum. The stock exchange had 56 million users at the end of 2020. In the last private funding round in 2018, investors valued Coinbase at $ 8 billion.       This article has contributions of Bloomberg HT.