COINBASE SHARES DEBUT OPENS AT A CONSIDERABLE HIGH

The crypto world have witness another investiture into their world of publicly owned company

COINBASE SHARES DEBUT OPENS AT A CONSIDERABLE HIGH
Gosfem - Free school management software

It's official Coinbase shares open at $381 on Nasdaq, valuing cryptocurrency exchange at $99.6 billion $COIN. Coinbase's market cap exceeded $100 billion after its debut Wednesday morning on the Nasdaq, though the stock fell later in the day. Nasdaq provided a reference price late Tuesday of $250, but because it's a direct listing no shares changed hands at that price. Coinbase has soared in value in the past year alongside bitcoin and ethereum, which account for most of the volume on the site.

Coinbase shares closed at $328.28 in their Nasdaq debut on Wednesday, giving the cryptocurrency exchange an initial market cap of $85.8 billion on a fully diluted basis. The shares opend at $381 and quickly shot up as high as $429.54, before dropping back below the debut price and reaching a low of around $310. The price was still well above the reference price of $250 set Tuesday night, though no shares changed hands at that price.

Skirting the traditional IPO process, Coinbase listed its stock directly, allowing employees and existing shareholders to sell shares immediately at a market-based price. In pursuing a direct listing, Coinbase followed tech companies like Spotify, Slack, Palantir and Roblox, which helped standardize the process. Excluding options and restricted stock units, Coinbase closed the day with a market cap of about $62 billion