barrons.com
Crypto trading platform Coinbase Global on Tuesday said it would lay off nearly 20% of its workforce. That should stave off fears of a bankruptcy filing, even if crypto’s bear market persists, some Wall Street analysts say.
Once enamored of the company’s swift growth rate, investors are now focused on Coinbase’s (ticker: COIN) cash burn, after a collapse in digital-asset prices led to a precipitous drop in trading activity by Coinbase’s retail investors. Coinbase’s stock has dropped 81% in the past 12 months, and its bonds currently trade at distressed-level yields.