COIN · Coinbase
Coinbase in 2023: sued by the SEC, named custodian by BlackRock
2023 · +391% in the calendar year
For scale: buying every US stock breakout from 2018 to 2026 with no selection returned a median −22.6% a year later, measured on the 14,674 with a full twelve months of data. How it was measured
Shares of Coinbase, the US crypto exchange, fell 85.9% in 2022 and reached an all-time closing low of $32.53 on 28 December 2022. On 6 June 2023 the SEC sued the company, alleging that it had operated as an unregistered exchange, broker and clearing agency. On 15 June 2023 BlackRock's application for a spot bitcoin fund picked Coinbase to hold the fund's coins. The shares stood at ~$54 that day, and CNBC later dated the whole move from that filing.
By 31 December they were above $170, and the stock finished at +391% in calendar 2023. Fourth-quarter 2023 revenue was $904.6M, up 49.4%, with net income of $273.3M after a run of quarterly losses. On 10 January 2024 the SEC approved spot bitcoin ETFs, and the same day CNBC framed the new funds as a threat to Coinbase. The SEC dismissed its lawsuit against Coinbase on 27 February 2025, with no penalties.
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Sources: CompaniesMarketCap, Coinbase price history · Yahoo Finance, SEC lawsuit to S&P 500 · CNBC, 10 Jan 2024 · StockAnalysis, Coinbase quarterly financials. Price figures are split-adjusted, not dividend-adjusted.
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