Coinbase, MicroStrategy Lead Crypto Stocks Lower in Market Rout

For Coinbase, Monday’s plunge has the stock now trading down more than 70% since its April 2021 initial public offering, with the company set to report Q1 earnings after the close on Tuesday. For MicroStrategy, CEO Michael Saylor and team made their first purchase of bitcoin in August 2020 – 21,454 coins for $11,650 each. Subsequent buys have brought holdings to more than 129,000 bitcoin at an average price of $30,700 each – meaning the company is now roughly breakeven on its purchases.

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