Coinbase: No Coin To Be Made Here

Coinbase: No Coin To Be Made Here

PARIS, FRANCE - OCTOBER 05: In this photo illustration, the Coinbase cryptocurrency exchange ... [+] website is seen on the screen of a computer on October 05, 2018 in Paris, France. The California cryptocurrency platform is about to raise $ 500 million in the event of an IPO. After having exceeded 20 million users this summer, the cryptocurrency trading platform has seen its financial value further increase. The California start-up is now valued at $ 8 billion. (Photo Illustration by Chesnot/Getty Images)

I first put Coinbase (COIN) in the Danger Zone in March 2021 prior to its IPO. Since then, the stock is down 56% compared to a 5% gain for the S&P 500. Though the company set records across many of its chosen key performance metrics in 2021, sustained success looks unlikely.