Coinbase, the cryptocurrency assets company has seen shares plummet amid a recently released earnings report.
The global trader in digital currency released the figures earlier this week as part of its third-quarter report. Inside Bitcoins reported that Coinbase Global (COIN) shares plunged 15.3% to close at $179.25, the steepest drop since July 2022, when the company was investigated for the first substantial time by the Securities and Exchange Commission (SEC)
Market analysts and the media were less than favorable to the released figures, and we have covered the company’s continued battle with the SEC in multiple court cases.
Coinbase filed multiple requests for freedom of information from the SEC and other regulators in the wake of record action against crypto companies. The crypto company hit back with its countersuit, challenging the SEC in a June court case for failing to comply with an existing FOIA request for public disclosures.
In March of this year, the SEC scored a significant victory over Coinbase by winning the argument that the company knowingly traded in 13 digital tokens that should have been registered as securities but were not.
The company is pursuing transparency behind the decisions made by financial regulators in the United States. In 2023 and 2024, the leading lights in the crypto world scrutinized regulations installed by entities like the SEC and the Federal Deposit Insurance Corporation (FDIC).
Coinbase CEO Brian Armstrong has been vocal in his criticism of the SEC and recently called for the regulator and the next leader of the government entity to “end all frivolous cases.”
Market analyst Geert Leysen was less scathing in his estimation of the state of the crypto company’s plight. Saying on X, “Coinbase’s earnings were a bit of a letdown. However, it’s still holding above the trendline, and for me, it’s a play on the rise of Bitcoin (which wasn’t happening during the last quarter).”
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