Coinbase’s Shares Face Enhanced Volatility Following Super Bowl Fiasco

Popular crypto-exchange Coinbase saw its shares spike as the markets opened today, after bringing millions of Superbowl viewers to their site on Sunday.

• Coinbase was trading 5% down on the Nasdaq over the weekend. However, their stock is back up 3% as of Monday, trading at about $200.
• The movement comes following a successful Superbowl ad campaign from the exchange, where it competed against other noteworthy ads from Crypto.com and FTX.
• The ad announced $15 in free Bitcoin for anybody that joins the platform before Feb 15th. This promised a more surefire return than FTX’s similar giveaway of 7.54 Bitcoin to just 4 lucky winners.
• The incentive proved too effective to handle. The exchange sparked 20 million visits to its landing page within only a minute after the ad aired, causing the company’s site to briefly crash.
• The finals – which featured the LA Rams and Cincinnati Bengals – also starred Odell Beckham Jr, who received his entire salary in Bitcoin last year. The player scored the first touchdown of the match but was later removed from the game due to injury.
• His efforts were enough though: For betting on both Beckham and the Rams’ victory, Canadian Rapper Drake won over $300k in Bitcoin bets on the match.

Coinbase stock. Source: Tradingview