If you are bullish on the long-term prospects for the crypto market, then it's time to be bullish on Coinbase.
The crypto market is down in 2022, and it should be no surprise that Coinbase's (NASDAQ: COIN) results are suffering as a result. Coinbase reported second-quarter earnings after the market closed on Tuesday, and the numbers weren't good by any measure. Revenue fell 60% from a year ago to $803 million, and the company swung from net income of $1.6 billion to a net loss of $1.1 billion.
(Bloomberg) -- Huobi Group founder Leon Li is in talks with a clutch of investors to sell his majority stake in the crypto-exchange at a valuation of as much as $3 billion, in what could be the industry’s largest takeover since a $2 trillion global crypto rout began.Most Read from BloombergAnshu Jain, Deutsche Bank Chief in a Pivotal Era, Dies at 59Author Salman Rushdie Stabbed on Lecture Stage in New YorkExtreme Heat Uncovers Lost Villages, Ancient Ruins and ShipwrecksTrump Search’s Revelations