Coinbase bonds are trading at a massive discount, about 50% to par value.
The bonds are yielding 16%. A yield that high is a sign that investors are worried about the company’s ability to make the interest payments.
Coinbase stock is down 83% since it debuted last spring.
It went from trading around $340 to $43 today.
Net revenue is down about 60% year-over-year and net losses are growing.