Coinbase (COIN) sees Spot Bitcoin ETF outflows outpacing inflows. Coinbase stock was down more than 9% as of Monday’s close. Yahoo Finance Live examines crypto platform stock prices and what’s weighing them down.
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Editor’s note: This article was written by luke carberry morgan.
– Let’s talk about Coinbase. Mizuho Securities’ Stan Dolev dollar refers to Bitcoin ETF assets managed by Coinbase, and is likely to be below the level before its launch in mid-January. Those stocks fell 9%. Now, Dorev said in a note here that the Bitcoin ETF is a double whammy for the company. Therefore, outflows from ETFs for which Coinbase is the custodian exceed inflows here, he wrote. And the main reason for this is outflows from GBTC, the Grayscale Bitcoin ETF, and inflows are not more than making up for it.
– Yeah. It’s been a tough start to the year for Coinbase. The stock has fallen about 30% so far this year. Of course, please listen. This is after his 2023 monster, so please explain that context. There was a good article in Bloomberg today. The company and CEO Brian Armstrong have pledged about a third of the $85 million that the Fair Shake Super Pack, which has been helping people to support people, has now raised as a war chest to support crypto-friendly politicians. Have you seen how Armstrong Coinbase is preparing to take up the word occupancy? Like Republicans like Tom Emmer, Democrats like Josh Gottheimer. So Coinbase is pulling checks and moving the halls of power.
– Interesting, I had never seen that before. But what’s interesting is that Coinbase has been very politically active for a long time, but that doesn’t help with this core issue, right? Bitcoin ETF assets separate from what’s going on in politics. I think it’s different if you don’t start investing in Ether, ETFs, whatever. But despite that, Dorev said the firm’s ETF AUM has declined to about $25.9 billion.
– But it’s good to have friends in high places, right? is that so?
– However, I don’t know how much it will help. But let’s see.
– Fair question.
– Maybe it will.
– Fair question.