Shares of cryptocurrency exchange Coinbase close 31% over reference price
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Reflecting intensifying interest in cryptocurrencies such as bitcoin, crypto exchange provider Coinbase Global Inc. today saw its shares soar in their market debut.
Coinbase shares began trading at $381 a share, more than 50% higher than the $250 reference price set Tuesday and valuing the company at about $100 billion. Shares rose even further, to nearly $425 a share, but then settled back to close at $328.28, down 14% from the initial trading price, but still up 31% from the reference price.
Coinbase announced its decision to go public via a direct listing in January before announcing the planned date earlier this month. Founded in 2012, the company has grown to become the largest U.S. registered cryptocurrency exchange, although it offers more services than simple cryptocurrency buying, selling and wallet functions.