Coinbase CEO Still among those “Who Believe in Crypto,” the Religion, Cuts another 25% of Real-World Staff, Sees another Huge Loss | Wolf Street

But Coinbase is generating real-word losses denominated in real-world dollars: Through the first nine months, it already booked losses of $2.1 billion.

Coinbase had $3.7 billion in debt at the end of Q3. And its bonds have gotten hammered. For example, its $1.0 billion in 10-year 3.625% unsecured notes, issued in September 2021, are now trading at 51.75 cents on the dollar (chart via Finra/Morningstar):

It’s shares [COIN], in the time-honored tradition after big layoffs are announced, jumped 8% today at the moment, to $41.44, and are now down “only” 90.4% from their high on their mesmerizing hype-and-hoopla day when it went public in April 2021 (data via YCharts):

Coinbase CEO Still among those “Who Believe in Crypto,” the Religion, Cuts another 25% of Real-World Staff, Sees another Huge Loss | Wolf Street