Bitcoin Struggles, but Coinbase Still Valued at $8B

That fund, which is not an ETF, provides exposure to Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic.

Bitcoin Woes

This year, bitcoin and other digital currencies have been hammered. Bitcoin, the largest digital currency by market value, touched an all-time high around $20,000 10 months ago, but today resides just over $6,300.

Even with those sliding prices on individual cryptos, “Coinbase has plowed money back into a master plan to cater to institutional investors,” reports CNBC. “This year, it launched a suite of offerings for professional investors. One of them, Coinbase Custody, received regulatory approval last week from the New York Department of Financial Services.”

Coinbase said it plans to use the proceeds from the latest capital raising effort for global expansion, to add more crypto assets more rapidly and to bring more institutional investors into the crypto space, among other efforts.

For more information on the cryptocurrency market, visit the Bitcoin category.