Coinbase Global (COIN) – Get Report disabled ethereum and ERC-20 withdrawals while the company investigates a “potential issue” due to a recent network upgrade.
The company also will delay receiving deposits of the cryptocurrency as it investigates the issue.
Coinbase shares were rising Thursday in the second day of trading following the crypto exchange’s highly anticipated direct listing debut on Wednesday.
Shares were rising 0.21% on Thursday to $328.97.
Coinbase opened its first day of trading at $381 a share, 52% above its reference price of $250 a share.
Jim Cramer: How to Play Coinbase Direct Listing
The shares closed regular trading Wednesdayup 31% at $328.28 but 14% below the initial trade.
According to Yahoo Finance data, the stock traded on Wednesday as high as $429.54, up 72%.
RealMoney: Avoid Coinbase – Especially On and After the Opening Trade
The stock’s valuation topped $100 billion at one point Wednesday before giving up some gains.
Coinbase was founded in 2012 by Brian Armstrong, 38, who is the company’s chief executive.
Jim Cramer, TheStreet’s founder, told his “Mad Money” viewers that while he likes the stock of Coinbase, he’s not willing to sell everything else to go all-in. He said the lack of sellers in Coinbase was worrisome, especially with the threat of sustained inflation beckoning. If the prices of oil, lumber, plastics and other commodities don’t relent soon, high-multiple stocks will get pulverized.
Three funds at Cathie Wood’s Ark Investment Management bought about $246 million worth of Coinbase on its debut, according to a report from Bloomberg.
