Coinbase Loses Billions in Two Days Amid Crypto Volatility

Coinbase Global, Inc. (NASDAQ: COIN) closed on the Nasdaq at $141.09, down 7.97%, with about 11.7 million shares traded. Its market capitalization stood at roughly $32.2 billion (around KRW 46 trillion), wiping out about $2.38 billion (roughly KRW 3.4 trillion) in market value in a single session.

On the previous day, despite no specific negative catalysts, the stock fell more than 5%, with trading value of approximately $2.1 billion (around KRW 3 trillion), placing it among the 50 most actively traded stocks. The decline coincided with weakness in cryptocurrencies such as Bitcoin, and reports noted that CEO Brian Armstrong’s net worth has decreased by over $10 billion from its peak seven months ago, dropping him off the list of the world’s 500 wealthiest individuals.

As the largest U.S. cryptocurrency exchange, Coinbase generates revenue from trading fees on major coins like Bitcoin, as well as from staking and custody services. Because its financial performance and share price are closely tied to crypto trading volumes and price fluctuations, the stock is considered particularly volatile during market correction phases in the crypto sector.