Coinspeaker
Coinbase Bonds Slump as FTX Contagion Fuels Investor Pessimism
In the wake of the bankruptcy of rival firm FTX Cryptocurrency Exchange, the bonds issued by Coinbase Global Inc (NASDAQ: COIN) seem to be facing significant underperformance in comparison to the US Dollar. According to data from Finra-Morningstar, The Coinbase bond billed for 2031 has slumped by 15% this November to $0.5.
It should be noted that yields move inversely to prices and the Coinbase bond has recorded a high at 13.5%. Just like Coinbase, MicroStrategy Incorporated (NASDAQ: MSTR) is also facing similar headwinds with the yield on its issued notes billed to mature in 2028 jumped to 13.35% with price slumping to $0.725.
Both companies are two of the most renowned in the Bitcoin and digital currency ecosystem as Coinbase operates a fee trading venue while MicroStrategy is one of the biggest independent holders of Bitcoin with over 130,000 units accumulated from August 2020 to date. While the value of its
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