The stocks of the first major cryptocurrency company to be listed on an exchange surged in their market debut
Coinbase began trading yesterday afternoon at $381 per share, a 52% increase over the $250 reference price set by NASDAQ. However, during the day, it lost some momentum, and closed the session at $328.28, giving the company a valuation of $85.7 billion, ten times higher than its last valuation as a private company.
The company’s debut caused a market frenzy. Days ahead of the event, Bitcoin price hit a record of $64,000, double the value reported at the beginning of the year.
At the moment of writing, Coinbase stock price is trading more than 7% higher.
Find out more about Coinbase’s direct listing here and here!
Sources: nytimes.com, cnbc.com