Coinbase Global, Inc. faced a challenging trading day as its stock declined amid a lawsuit from BiT Global Digital Limited, which accused Coinbase of anti-competitive behavior for delisting wBTC. The lawsuit claims that Coinbase's actions were aimed at promoting its own version of wrapped Bitcoin, cbBTC, raising concerns about the company's business practices. This legal challenge, coupled with a broader market downturn influenced by rising bond yields and anticipation of the Federal Reserve's interest-rate decision, contributed to the downward pressure on Coinbase's stock. Despite some positive news regarding increased institutional investment interest, these factors overshadowed any potential gains.
The GraniteShares 2x Long Coinbase Daily ETF (CONL) experienced a decline, dropping 2.06% to $57.50 as of 16:40 on Tuesday, December 17.