Coinbase Shares Fell As Much As 5% After Super Bowl Ad Causes App To Crash

Coinbase Shares Fell As Much As 5% After Super Bowl Ad Causes App To Crash


Coinbase shares, the largest publicly listed crypto exchange in the U.S., fell as much as 5% immediately after a Super Bowl ad caused the app to briefly crash over the weekend.

The ad, which was aired during the title game of the National Football League – the biggest TV event in the U.S., – featured the letter ‘C’ and a colorful QR code, which if scanned redirected customers to a link that offered 15 USD in Bitcoin to all who signed up for a Coinbase account before 15th of February. In addition Coinbase offered 1 million USD each to three existing users.

The Coinbase website registered more than 20 000 000 hits in about a minute and “engagement that was six times higher than previous benchmarks”, Surojit Chatterjee, chief product officer at Coinbase, said on Twitter. The surge in traffic marked an all time high for the website.

“(Coinbase) just saw more traffic than we’ve ever encountered, but our teams pulled together and only had to throttle traffic for a few minutes. We are now back and ready for you. Humbled to have been witness to this.” Chatterjee said.

Coinbase has spend 14 million USD for the airing of the 30 second Super Bowl ad. Other major trading and crypto companies who also aired ads during the Super Bowl include FTX, Bitbuy and eToro.

On Monday the Coinbase shares ended the trading session 1.7% down at 191.26 USD.

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