Coinbase Stock Slides After Deutsche Boerse De-Lists Crypto Exchange

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by Tyler Durden
Wednesday, Apr 21, 2021 - 08:30 AM

Deutsche Boerse said on Wednesday it would de-list the shares of cryptocurrency exchange Coinbase Global from its Xetra trading system and the Frankfurt stock exchange by end of Friday’s trading session.

“The reason for the de-listing is a missing reference data for these shares,” Deutsche Boerse said, adding the de-listing would apply until further notice.

The reaction in COIN is clearly sell first, think later...

As Reuters reports, when Coinbase trading started at Deutsche Boerse’s platforms, a wrong reference code - a so-called LEI code - was used by mistake, Deutsche Boerse said.

“The only way for Coinbase to resume trading is for the issuer to apply for an LEI,” Deutsche Boerse said.

It was not clear whose mistake it was, but reading the brief vacuous statement from Deutsche Boerse suggests this could be an exchange issue, as opposed to something Coinbase missed.