Market News

(Bloomberg) -- Coinbase Global Inc. Chief Executive Officer Brian Armstrong said there is “no risk of bankruptcy” for the largest US cryptocurrency exchange, even amid a “black swan” event that saw Bitcoin drop below $30,000 on Tuesday for the first time since the middle of 2021.

Coinbase will take additional steps to ensure that it offers protection for its retail customers that match those offered to Prime and Custody consumers, Armstrong said in Twitter thread late Tuesday. 

“We should have updated our retail terms sooner, and we didn’t communicate proactively when this risk disclosure was added,” Armstrong wrote. “My deepest apologies.”

Shares in the company fell 16% after regular trading as first-quarter revenue missed analyst estimates.