Ouch, Coinbase lost over an Instagram this quarter! That sucks.<p>Is this article implying that they had a long position in cryptocoins? I thought they only held them on behalf of their customers, who were the ones taking the risks, while they reaped transaction fees. Or did they really lose money just because their trading volume fell?<p>Yields of 10% on bonds maturing in four years is high, but it doesn't imply an overwhelming level of risk.