Nasdaq has given Coinbase’s stock, COIN, a reference price of $250. The stock will officially be listed today, April 14.
Nasdaq has given Coinbase a reference stock price of $250, according to new information on the San Francisco-based exchange’s listing. Nasdaq listed the stock on April 14, after weeks of high anticipation.
Coinbase stock hits the market
Coinbase’s direct listing has raised much excitement in both the traditional and crypto investor communities. The listing was rumored for a long time and drove much of the headlines in the past few months. The event will likely mark the start of several crypto companies looking to go public, seizing the momentum of public interest.
The reference price was given as a result of regulation, which determines price when there has not been sustained trading in a private market. The exchange has been given a valuation of $90 billion, based on prior private sales.
Coinbase will become the first company that allows Bitcoin trading to become available on the stock market. Investors consider this a watershed moment for the market. The explosion in popularity due to non-fungible tokens (NFT) and general investments will only further Coinbase’s interests.
Founded in 2012, Coinbase is one of the earliest exchanges to hit the market. A recent SEC filing shows that the exchange has more than 43 million users. In Q1 2021, the exchange generated revenue of more than double that of the whole of 2020.
Staff members are also about to receive a bonus via shares, as the Irish office granted its team 105,510 in share options. The options are likely to skyrocket, with that total amount being equivalent to approximately $45 million. They will be doled out to employees over the years, based on performance metrics.
Coinbase listing will set the tone for the year
Coinbase is by far the biggest name in the crypto industry to consider going public. But several other entities, including the Gemini exchange and eToro, are also looking to do the same. With Bitcoin reaching new all-time highs, and the public even more aware of the asset class, the move could be a sound business decision.
The performance of COIN will also influence companies in this matter. The public, too, is eager to see what a major crypto company can do among investors in traditional markets. Analysts believe that it could double its price this year, with one setting a price target of $440.