Leading Wall Street short-sellers are shorting Coinbase, whose shares have fallen more than 50% since its IPO

Leading Wall Street short-seller and hedge fund manager Jim Chanos said in an interview that he is shorting cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN), calling it a "bubble stock.

Jim Chanos expects Coinbase to be unprofitable this year as competition among cryptocurrency exchanges intensifies and transaction fees are squeezed.

The big short-seller did not announce the exact size of his short position in Coinbase.

In its latest earnings report, Coinbase reported fourth-quarter revenue of $2.5 billion, beating analysts' expectations, and net profit of $840 million for the quarter, double the previous quarter's figure. However, Coinbase expects financial performance to decline in the first quarter of 2022 as the crypto market as a whole enters a period of weakness.