[kjksf]

Or maybe it's very rational because their 2021 (IPO year) revenue ($7,839m) was higher than their 2025 revenue ($7,181).

Granted, their profitability is better but in 2021 they were (rationally) valued based on Great Expectations which didn't pan out.

Now they're (rationally) valued on Much Less Great Expectations.

So I think it has nothing to do with skills of early investors (not the boogeymen, irrelevant private equity) and everything to do with Coinbase being a fast growth company at the time of IPO and being negative growth company after IPO.