The stock hit an intra-day high of $429.54 before losing all momentum.
Coinbase's stock traded as low as $310 per share before closing the day at $328.28.
Shares of cryptocurrency exchange provider Coinbase opened for trading Wednesday afternoon for the first time ever at $381. After initial enthusiasm and a rush of buyers looking to get in on the hot IPO, the stock lost momentum and closed the day below its IPO price.
From $381 to $429
Coinbase’s first trade on the public market took place shortly after 1 pm ET. Within a few minutes, the stock blew past the $400 per share mark and hit a high of $429.54. But the stock quickly reversed direction and traded lower over the hours that followed.