Coinbase Global sank to a record low as investors fled high-flying market newcomers.

The operator of the largest US cryptocurrency exchange slumped 6% to US$256.76 on May 6, dropping for a fourth straight day. That left the shares just above the US$250 reference price for its April direct listing.

An exchange-traded fund that tracks shares of companies that recently went public plunged for an eighth day, the longest slide since 2015. Virgin Galactic Holdings and Opendoor Technologies, companies that came to market through blank-check offerings, each sank at least 3.8%.

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