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(Reuters) -Coinbase Global Inc was valued at $86 billion at the end of its Nasdaq debut on Wednesday, in a choppy day of trading when its valuation went as high as $112 billion.
Coinbase’s stock market debut, done through a direct listing where no shares are sold ahead of the opening, marks another milestone in the development of bitcoin and other digital assets.
It comes amid a surge in the value of cryptocurrencies which has lured a clutch of mainstream, top-tier firms that have dived into the space.
Coinbase’s stock opened at $381 per share, up 52.4% from a reference price of $250 per share set on Tuesday though only 10.9% above the $343.58 volume-weighted average price Coinbase’s shares were trading at privately in the first quarter of 2021.