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Coinbase (COIN) Price and its Europe Expansion

Coinbase Global, Inc. (NASDAQ:COIN), is an American, publicly traded company that operates a cryptocurrency exchange platform. It is the largest cryptocurrency exchange in the United States by trading volume.

On Tuesday, Coinbase announced it would be laying off 950 staff members which brings Coinbase’s total job cuts since the spring of 2022 to more than two thousands employees.

Following the update, Coinbase’s share price moved up.

Source: Yahoo Finance

On Tuesday morning, COIN opened at $37.76 with 3.21 million in trading volume, and rose up to $42.40 the same day. The stock is hovering in the range of $37.50 to its current trading price, $43.78 (at press time).

Last year, Coinbase’s shares dropped by 86% amid turbulent geopolitical conditions and macroeconomic conditions. The impact of economic and political headwinds were exacerbated by collapses in the crypto industry.

The exchange reported a sharp decrease in revenue since last year. Last year it generated $2.6 Billion in revenue, which is now down by almost 50% year over year.

On the other hand, according to an investor’s email on Thursday, ARK Investment has added 74,792 shares of Coinbase (COIN) to the ARK Innovation ETF (ARKK). That’s worth around $3.28 millions based on Coinbase’s last closing price of $43.78.

ARK also added 69,060 shares of Tesla (TSLA) to ARKK’s holdings, worth around $8.5 Million.

As per Coinbase’s balance sheet, it had $5 Billion in cash, which excludes custodial assets, at the end of September. Its cash balance decreased by about $2.1 Billion in the first nine months of 2022. Coinbase bonds are selling for around $0.50 on the dollar. Bond investors might be expecting trouble for Coinbase.

Coinbase expands in Europe

As per media reports, Coinbase is expanding in Europe. The European Union is working to pass the Markets in Crypto Assets (MiCA) Regulation, a common framework, intended to regulate crypto trading across the European bloc’s 27 member states. Coinbase began expansion into Italy, Spain, France, The Netherlands and, outside the EU, Switzerland last year.

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