Jim Cramer has recently expressed his views on the performance of Coinbase Global Inc (NASDAQ: COIN). Despite the stock dropping over 30%, Cramer does not see it as an attractive investment for buyers. He pointed to the fact that the crypto exchange did not benefit from the recent bank failures. On CNBC's "Squawk Box", he warned people that it is better not to touch the stock at all.

Coinbase went through rough times when it faced a Wells notice from the Securities and Exchange Commission for violating U.S. securities laws. Still, the stock has delivered a 90% gain year-to-date, as of writing. Nevertheless, the crypto company has seen a 6.0% decline in app downloads in the first quarter (Q1) of 2021. This was the lowest downloads count since the third quarter of 2020, curiously during times when the crypto prices were rising. The download drop could represent a risk to its total revenue, since transaction volume constitutes a big chunk of it.

Moreover, USDC's market cap has plummeted 24% in the wake of the bank crisis. This could cause risk to Coinbase's interest income from now to the following quarters. Thus, given the fiscal struggle Coinbase has gone through due to the Wells notice and the current market instability, investors are better served not pursuing a buy option at the time, as suggested by the already beleaguered stock.



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