Shares in cryptocurrency exchange Coinbase lost almost a quarter of their value on Wednesday after it posted bleak results, while its chief executive rushed to quell what he said were unnecessary bankruptcy fears.
Coinbase stock fell 23 per cent after it reported a significant slide in its revenues, which missed analysts’ expectations, as well as a sharp fall in trading volumes in its first-quarter results on Tuesday.
The poor results together with concern over a regulatory filing later that day prompted chief executive Brian Armstrong to state on Twitter that Coinbase had “no risk of bankruptcy”.
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