Crypto Biz: Coinbase downgraded, 3AC deemed insolvent and Michael Saylor buys the dip

cointelegraph.com:

Coinbase has long been considered an important bellwether of the cryptocurrency market. Last year, when the company was expanding its workforce, adding institutional clients and issuing stock, crypto prices were hitting record highs. Now, in the depths of crypto winter, Coinbase finds itself slashing a fifth of its workforce, losing retail trading volume and contending with downgrades of its credit and stock.

This week’s Crypto Biz dissects Goldman Sachs’ latest downgrade of Coinbase and also looks at the latest developments surrounding Three Arrows Capital.

After a promising debut on the Nasdaq stock exchange in April 2021, it has been nothing but down for Coinbase shares. The company, which once had a fully diluted market capitalizationof nearly $100 billion, has been caught in a downward spiral amid crypto winter. Recognizing the 80% decline in Coinbase stock, analysts at Goldman Sachs this week downgraded the company to “sell,” which is basically a recommendation that investors liquidate their positions and be done with the stock for now. Goldman isn’t the only firm turning bearish on Coinbase. Earlier this month, credit rating agency Moody’s downgraded the company to a Ba3 rating, which is considered a non-investment grade.

Swiss asset manager 21Shares is gearing up for crypto winter by launching a new product that allows investors to gain low-cost exposure to Bitcoin (BTC). Earlier this week, the company introduced its 21Shares Bitcoin Core exchange-traded product, also known as CBTC. What makes CBTC so unique is its paltry expense ratio of just 21 basis points, which is 44 basis points below the next cheapest product on the market. Basically, 21Shares wants you to keep stacking sats — or buying shares in its ETP —