Coinbase stock price has pulled back in the past few weeks as cryptocurrencies pull back. COIN retreated to a low of $124.75 on Friday, down by more than 32% from its highest point this month. It has joined other crypto-related stocks like MicroStrategy (MSTR), Hut 8 Mining, Riot Platform, and Marathon Digital that have plunged.
Coinbase insiders are selling
Coinbase share price has pulled back as investors react to the spot Bitcoin ETFs by leading companies like Blackrock, Franklin Templeton, and Invesco. In theory, this launch has implications for Coinbase.
The first implication is that the company will start receiving fees from these Bitcoin ETF providers since it is the custodian. In this case, the company has become equivalent to other custody companies in finance like State Street and Bank of New York Mellon.
The company will also solidify its role in the crypto services industry, meaning that it could attract more business in the…
