Coinbase slows hiring in wake of crypto market slump; shares climb

After previously disclosed plans to triple the size of the company, Coinbase Global (NASDAQ:COIN) is now slowing hiring, as cryptocurrencies slump more broadly, according to an 8-K filing Tuesday. COIN shares are perking up nearly 7% in premarket trading, as bitcoin (BTC-USD +2.2%) rises back over $30K, recently trading at $30.5K. "Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals," said Coinbase President and Chief Operating Officer Emilie Choi. Choi added that the slowing of hiring is "not expected to have any material impact to our previously communicated expense outlook for Q2, or full-year 2022." In Q4, Coinbase (COIN) anticipated to spend $4.25B-5.25B this year on technology and development as well as G&A expenses, compared with just $1.41B in 2021. In the beginning of Dec. 2021, Emilie Choi said Coinbase will 'ramp up' corporate investments.