Coinbase Global Inc, a cryptocurrency company goes public on Wednesday, valuing almost $100 billion in Nasdaq debut, paving way for another milestone in bitcoin and other digital currencies’ progress.
This move from the company came during the surge of crypto values that is luring the top-tier and mainstream companies’ clutch of diving into space.
The company debuted into the stocks through direct listing but hasn’t seen any sold shares ahead of the opening. The opening price of each stock was at $381, more than 50% of the reference price standing at $250 as of Tuesday. The price turns out to be a diluted valuation of $75.9 billion in market capitalization and restricted and unvested stocks amounting to $99.95 billion.
The shares’ price, however, was nearly 11% more than the average volume-weighted price of the company stands at $343.58 in Q1 of 2021 when Coinbase was still private.
Alesia Haas, the company’s Chief Financial Officer said, “We’re just very grateful to be able to bring transparency to the crypto economy, the ecosystem that we’ve all been building over the last 10 years,” in a recent interview.
This move brings the ‘level of recognition’ that Coinbase is an industry here, and is constantly growing instead of just being in the corner, as per Alesia’s recent statement. The company was valued in September last year, with a price of $6 billion.
The world’s biggest cryptocurrency, Bitcoin hit the mark of $63,000 on Tuesday, becoming more than double its previous value as companies and banks relied upon this emerging asset. Coinbase’s value shoves in line with bitcoin’s gains, reaching its current price of more than $100 billion and riding the crypto wave.
“When it comes to Coinbase, this is pretty much the crypto event of the year. It shows that bitcoin is for everyone,” says Jean-Marie Mognetti, CoinShares’ CEO. CoinShares is another digital asset management company from Europe, and its stocks began trading on the Nasdaq Nordic exchange quite recently.
Mathew Le Merle, Fifth Era & Blockchain Coinvestors’ managing partner stated that buying shares from Coinbase could be like investing in Alphabet, Apple, or Microsoft when these companies just went public. Fifth Era & Blockchain Coinvestors is one investor of Coinbase from a few years ago.
Voyager Digital’s CEO Steve Ehrlich feels that this move from Coinbase is significant to the crypto industry’s development, and says that it is just a start to a strong business.