Jim Chanos told CNBC on Friday thatHe shorted shares of crypto exchange Coinbase (COIN) and called it “bubble stock.”
Chanos expects the fee problem which makes it more competitive in crypto exchanges and doesn’t think Coinbase will be profitable this year.
“Basically, we think Coinbase is making too much money,” Chanos said in an interview. “If you do this number Their revenue base will be around 3% to 4% of their client custody assets.”
The CNBC report did not mention the size of Chanos’ short position.
Wall Street remains positive on Coinbase’s long-term outlook, although short-term hurdles may arise. According to analysts, Coinbase is expected to diversify its revenue from different segments, including NFT.
Coinbase shares were down about 1.8 percent in after-hours trading on Friday, and are down 26 percent this year.
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