Bitcoin Beats COIN Stock Ownership by 20% Since Coinbase By Cointelegraph IPO


©Reuters

Buy Coinbase stock (NASDAQ:) to gain indirect exposure to the (Bitcoin) market has been a poor strategy compared to simply holding BTC.

Notably, COIN has fallen nearly 50% to nearly $186 from the opening price at its initial public offering (IPO) on April 14, 2021. In comparison, Bitcoin has outperformed Coinbase stock by posting fewer losses — slightly more — over the same period than 30% when it fell from nearly $65,000 to around $41,700

(orange) vs. COIN price (blue). Source: TradingView
Correlation of COIN to BTC on a daily basis. Source: TradingView
Coinbase’s adjusted EBITDA margins. Source: JR Research