Coinbase Global Inc.'s shares tumbled 7.2% on Thursday, sending the stock to a new closing low.
They have now dropped almost 80% this year to $51.05 Thursday.
At the start of the year, Coinbase's market value was roughly four times that of Cboe Global Markets Inc., the exchange-operator that oversees stocks, derivatives and foreign exchange trading. Today, that lead has evaporated.
Coinbase was worth more than $54 billion, compared with around $13.7 billion for Cboe at the time, FactSet data show. Today, the two exchange-operators have roughly the same market value. Cboe is worth around $11.6 billion, while Coinbase is valued at roughly $11.3 billion, according to FactSet figures as of Thursday.
Coinbase's soaring shares last year showed the promise that many investors saw in cryptocurrencies. Cryptocurrency prices have tumbled this year as much of the speculative fervor in markets has evaporated.