Coinbase Debt Was a ‘Canary in the Coal Mine’ for Crypto Meltdown

Following the dramatic collapse of Sam Bankman-Fried’s crypto empire, many investors are looking for warning signs that may have predicted the contagion that was about to unfold. A possibility ? Coinbase Global Inc.’s junk bonds

The largest U.S. digital asset trading platform has seen its bond prices plummet this year. At the beginning of January, the price of one of its most active tickets was around 92 cents. It then slipped to around 77 cents in April before falling to 63 cents in the middle of the moon earth stock market crash in May. Bonds were trading at about 53 cents on the dollar — a level typically associated with distress — early morning in New York on Wednesday, according to bond trading data from Trace.


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