Coinbase Stock Keeps Sliding After Earnings Report

The biggest cryptocurrency exchange in the U.S. said it was bleeding users, reflecting continued destruction in the crypto market and investors’ unease about risky assets.

Coinbase Global Inc. said Tuesday that it lost hundreds of millions of dollars in the first quarter, sending the stock tumbling in after-hours trading. Following the after-market report, shares traded around $61.88—a far cry from the $381 where the stock opened trading when it went public a little over a year ago.

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