2021-4-15 16:56 |
Coinbase is now live on Nasdaq.
Wednesday had been a rollercoaster with all eyes on this direct listing. Coinbase’s valuation surpassed $100 billion as the share prices went as high as $429.54.
Interestingly, the crypto exchange listed on a traditional exchange at four times its valuation.
By comparison, NYSE owner ICE has a market cap of $66 billion. Coinbase’s valuation was bigger than Vanguard, Fidelity, Zoom, and just shy of Target and Micron; to overtake Goldman Sachs, COIN will have to trade at around $440.
Bitcoin bull Cathie Wood’s Ark Investment Management’s three funds bought shares of the exchange on its highly anticipated trading debut. Founded by Wood in 2014, Ark invested in companies involved with disruptive trends.
The flagship Ark Innovation ETF, Ark Fintech Innovation ETF, and Ark Next Generation Internet ETF bought a total of 749,205 shares of Coinbase.
Enters VolatilityCoinbase shares soared as much as 71.6% from Nasdaq’s $250 reference price. The share prices started at $321 and went to almost $430 before ending the day at around $328.28.
The downtrend on the first day of COIN trading had the crypto market volatile as well. As a matter of fact, this whole week has been an interesting one, with Bitcoin price falling to $59,370 on Monday only to surge to $63,800 the next day on Coinbase.
Ahead of the listing on Wednesday, BTC price first went to nearly $62,500 to rise to $64,900 and then crashed back to $61,275.
As of writing, BTC/USD is trading between $62,000 and $63,500.
BTC -2.12%
Bitcoin / USD
BTCUSD
$ 62,949.27
-$1,334.52
-2.12%
Volume 66.15 b
Change -$1,334.52
Open $62,949.27
Circulating 18.68 m
Market Cap 1.18 t
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Ether, meanwhile, is having a blast, flying to $2,480 to hit a new all-time high and still perched near this level to go even higher.
ETH 3.44%
Ethereum / USD
ETHUSD
$ 2,465.27
$84.81
3.44%
Volume 33.98 b
Change $84.81
Open $2,465.27
Circulating 115.48 m
Market Cap 284.68 b
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Coinbase is a story that started in 2012 when BTC was worth just $6 by CEO Brian Armstrong and co-founder Fred Ehsram, both having huge stakes worth about $15 billion and about $2 billion, respectively.
“There’s a saying that the best way to predict the future is to create it. Hopefully, we helped make the future happen a little sooner than it otherwise would have in the crypto space,” said Armstrong about starting Coinbase.
Ashram, who left the company in 2017, has co-founded Paradigm and is now investing in crypto startups.
“I think Coinbase is this decade’s Microsoft, Netscape, Google or Facebook,” Garry Tan, founder and managing partner at Initialized Capital and an early-stage Coinbase investor said in an interview with Bloomberg Television.
Big Milestone for CryptoThis listing was not only a big deal for the crypto industry but also for Nasdaq, which has been hosting smaller direct listings. Nasdaq landed a big one with Coinbase, which was chosen by the crypto exchange because the bourse offered the ticker symbol “COIN,” which wasn't part of NYSE’s pitch.
Nasdaq has been fighting for a larger share of mega listings, which gained traction in the past year with the like of third-largest Airbnb’s $3.8 billion IPO in December, the biggest listing on Nasdaq since Facebook’s $16 billion in 2012.
While the largest cryptocurrency exchange in the US had its opening in the crypto market, rival exchange Kraken, Gemini, eToro, and crypto-lending startup BlockFi are also considering going public.
“The biggest ramification of Coinbase going public is the legitimacy it brings to the industry,” said Ben Weiss, chief executive officer of CoinFlip, which provides crypto ATMs in the U.S.
Seen as a “watershed” and historical event for crypto, the market believes Coinbase’s IPO has made it easier for other crypto businesses to now go this path. With this latest adoption, the industry is kickstarting the next stage.
The post Decade-Old Crypto Exchange Listed on Nasdaq at 4 Times its Valuation first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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