Coinbase Global, Inc. (COIN) experienced a significant decline, driven by a combination of technical issues and strategic decisions that have unsettled investors. The platform's reported delays in processing transactions for the cryptocurrency NEAR have raised concerns about its reliability, while the decision to delist Wrapped Bitcoin (WBTC) amid allegations against Tron founder Justin Sun has sparked criticism. Additionally, Cathie Wood's Ark Invest's decision to reduce its holdings in Coinbase has added to the negative sentiment. The broader crypto market's volatility, particularly Bitcoin's 2% decline, has further compounded the pressure on Coinbase's stock.
The Yieldmax Coin Option Income Strategy ETF (CONY) mirrored the underlying stock's performance, dropping 9.42% to $14.32 by 4:40 PM on Wednesday, December 18.