Coinbase Shares Jump After Announcement Of Non-Exposure To Collapsed Crypto Schemes
Coinbase “had no financing exposure” to collapsed crypto schemes Celsius Network, Three Arrows Capital (3AC), and Voyager Digital, the company said in a blog post. Each firm filed for bankruptcy protection after the Terra-Luna implosion set off a cascade of liquidations in highly leveraged positions. Coinbase shares climbed more than 14% following the statement. The company’s stock has plunged roughly 70% since the start of 2022.