The COINBASE listing is expected to speed up the process by increasing awareness of digital assets among investors, according to analysts.Shares of cryptocurrency platform Coinbase Global Inc had a hectic debut on the Nasdaq, with a valuation that ranged from $ 112 billion to $ 83 billion, and closed at $ 86 billion.
Coinbase's debut on the stock market on Wednesday, through a direct registration and not a public offering of shares, marked another milestone in the development of bitcoin and other digital assets.
Coinbase shares opened at $ 381, up 52.4% from the benchmark price of $ 250 set on Tuesday, but only 10.9% above the volume-weighted average price of $ 343.58 at which Coinbase shares were trading in trading. private companies in the first quarter of 2021.
The stock reversed earnings to close at $ 328. At that price, Coinbase has a fully diluted valuation, including uninvested stock options and restricted stock, of $ 85.78 billion and a market capitalization of $ 65.39 billion.By comparison, the owner of the New York Stock Exchange, Intercontinental Exchange Inc., has a market capitalization of about $ 66 billion.
Founded in 2012, the San Francisco-based firm has 56 million users in the world and some 223,000 million dollars in assets on its platform, which represents 11.3% of the market share of crypto assets, according to the documents that presented to the regulator.
"We are very grateful to be able to bring transparency to the crypto economy, the ecosystem that we have all been building for the past 10 years," Coinbase CFO Alesia Haas said in an interview.
"It is just an acknowledgment that this is an industry that is here, that it is growing, and that (it is not alone) on the margins.
" The firm had been valued at just under $ 6 billion last September, but has climbed in line with bitcoin's gains this year.
The world's largest and most well-known cryptocurrency hit a record high of more than $ 63,000 on Tuesday, and its value has more than doubled this year as banks and businesses became excited about the emerging asset.
The Coinbase listing is expected to speed up the process by increasing awareness of digital assets among investors, according to analysts.
"The correlation with bitcoin will be very high after the stock stabilizes after the IPO," said Larry Cermak, research director at cryptocurrency website The Block.
"When the price of bitcoin falls, it is inevitable that Coinbase's income and the inherent price of shares will also decline," he added.
