Is Coinbase Valued At $ 85.8 Billion?

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Date: 22.04.2021

Coinbase shares closed at $328.28 in their Nasdaq debut, 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.

Founded in 2012 as a way to simplify the purchase of bitcoin, Coinbase has emerged as the most popular crypto exchange in the U.S. and soared in value alongside digital currencies bitcoin and ethereum.

Based on: CNBC

#News #IPO #ICO #Coinbase #Wcryptn.com

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