3 Min Read
(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.
Cryptocurrency exchange Coinbase Global Inc. soared above a US$112 billion valuation in its trading debut Wednesday, then slipped back below its opening price as Bitcoin fell from record highs and tech stocks fell across the board.
The massive valuation, which dwarfs more traditional financial companies including Intercontinental Exchange Group Inc. and Nasdaq Inc. itself, is a landmark moment for the crypto industry and for Coinbase, which was started almost a decade ago when few people had even heard of Bitcoin, and many exchanges were run by amateurs from their garages and homes.
Coinbase shares closed at US$328.28, down 14 per cent from the US$381 opening price on Nasdaq after earlier climbing as high as US$429.54. At the closing price, the companyâs valuation on a fully diluted basis is about US$86 billion.
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3 Min Read
(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.
Coinbase valued at $83 billion in choppy Nasdaq debut
By Echo Wang
Reuters
(Reuters) -Shares in Coinbase Global Inc had a choppy Nasdaq debut on Wednesday, with the cryptocurrency exchange s valuation swinging from as high as $112 billion to as low as $83 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 dive 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.