Coinbase shares tumbled today to their lowest point since the company began trading publicly on April 14. The market often moves in mysterious ways, but several drivers could be at play, including Coinbase’s high opening price at the time of its direct listing, its reliance on margins that are all but certain to drop owing to growing competition and the lack of a lock-up period, meaning more insiders might now be offloading some of their highly valued shares, driving down their price in the process. Whether Coinbase’s shares fall further still is an open question, but one early investor, Garry Tan, believes what outsiders misunderstand about Coinbase is its potential going forward. Indeed, Tan has said previously that a major revenue driver for the company could ultimately tie to a startup called Bison Trails (also backed by Tan) that Coinbase quietly acquired late last year for an estimated $80 million in stock and that Tan recently likened to an AWS inside of the cryptocurrency exchange. Curious to learn more, we talked recen… Click below to read the full story from TechCrunch
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A conversation with Bison Trails: the AWS-like service inside of Coinbase
