COIN is trading at $202.65, down 3.24%, following a broad crypto market decline where Bitcoin dropped 1.76% and Ethereum fell 3.55% since the previous session.
- The decline aligns with a broader technology sector rotation, where the Nasdaq Composite fell 1.00% amid investor concerns over AI infrastructure spending costs.
- Coinbase's recent expansion into metals futures (copper and platinum) has failed to offset the current crypto market volatility.
- The stock is down 10.9% year-to-date and trades at a forward P/E of 37.82, which is currently well above industry averages.