Shares of exchange operator Coinbase hit an all-time low on Monday as the crypto market sees a slowdown.
The Coinbase stock is currently down 49% from its all-time high of nearly $430, reached on its listing day in mid-April. The stock is trading at just below $220 at the time of writing. It hit a low of $210 on Monday.
Coinbase was listed on Nasdaq on April 14, becoming the first major cryptocurrency company to go public in the U.S. The company’s stock has experienced significant volatility in these two months in the range of $208-$430.
Despite such volatility, asset manager Ark Invest remains very bullish on the stock, as The Block reported recently.
Ark, whose CEO Cathie Wood was called “Wall Street’s hottest hand” earlier this year by the Wall Street Journal, has bought a total of nearly 7 million Coinbase shares to date, worth more than $1.5 billion at current prices.