Coinbase closes the first day of listing at 328. The exchange is worth 85.8 billion dollars

15 April 20213 years ago babelfish

Shares of Coinbase closed at $ 328.28 in their Nasdaq debut Wednesday, giving the cryptocurrency exchange an initial market cap of $ 85.8 billion on a fully diluted basis.

The stock opened at $ 381 and quickly climbed to $ 429.54, before plunging back below its debut price and hitting a low of around $ 310. The price was still well above the benchmark price. $ 250 set Tuesday night, although no shares changed hands at that price.

By circumventing the traditional IPO process, Coinbase has directly listed its shares, allowing existing employees and shareholders to immediately sell the shares at a market price. In pursuing a direct listing, Coinbase followed tech companies such as Spotify, Slack, Palantir, and Roblox, which helped standardize the process.

The listing was a moderate success, which, in these particular moments, is already a good result. It could also go very badly, like in Deliveroo, which threatens to blow some heads. Even in Hi-tech there is a bit of nervousness, especially after what happened to Archegos, which brought Far Eastern technology into the red. The sector to which Coinbase is connected, virtual currencies, has done well today, close to the maximum capitalization ever and with a total value of over two billion.

Coinbase offers services and as long as the virtual currency sector is at these levels it will not risk much. However, the value of the sector is very fluctuating, so, as always, you need to use a good dose of grain salis. The rarest currency in the world.

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The Coinbase article closes the first day of listing at 328. The exchange worth 85.8 billion dollars comes from ScenariEconomici.it .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/coinbase-chiude-il-primo-giorno-di-quotazione-a-328-lexchange-vale-858-miliardi-di-dollari/ on Wed, 14 Apr 2021 21:14:55 +0000.