COIN: Coinbase Stock Wipes Out 17% in a Week as Bitcoin ETF Hype Soaks Up Billions

The new investment vehicles provide an easier and cheaper way for ordinary investors to own and trade the original crypto.

• Coinbase stock COIN erased 17% of its valuation last week when US regulators approved the first exchange-traded funds packaged with genuine Bitcoin. The spot Bitcoin ETFs allow institutions and everyday investors to own the digital asset easily and without the hassle of safekeeping decentralized property like cryptocurrency wallets.
• Against that backdrop, Coinbase, as a publicly-traded crypto exchange, did not get much love from investors. Shares of the company were among the biggest losers for the week as the newly launched investment vehicles soaked up $4.6 billion in trading volume on the first day of trading. Still, Coinbase stock added a whopping 400% to its market cap last year.
• A total of 11 Bitcoin-native ETFs are strutting down the portfolios of the world’s largest asset manager BlackRock and rivals who are fighting for a bigger share of the new asset class. With that said, the price of Bitcoin erased some of its gains from last week and was trading near $43,000 on Tuesday.