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Coinbase Soars Above Reference Price in Nasdaq Debut

Stock MarketsApr 14, 2021 01:28PM ET
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© Reuters.

By Christiana Sciaudone

Investing.com --  Coinbase Global Inc (NASDAQ:COIN), the first major crypto company to go public, opened at $381, soaring 52% over the $250 reference price.

The price continued to climb just after the open around 1:25 PM ET. Nasdaq had given Coinbase a reference price of $250, which valued the cryptocurrency exchange at about $65.3 billion. The company listed directly on the exchange, bypassing a traditional initial public offering and allowing for a market-driven price. 

The excitement over the crypto world comes as bitcoin trades near a record, surging above $62,500. A year ago, bitcoin was worth less than $7,000. Ethereum has also jumped, from about $157 to around $2,338 over the past 12 months.

The nine-year old provider of financial infrastructure and technology for crypto currencies enables about 43 million retail users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries.  

Preliminary first-quarter results show sales of $1.8 billion, more than all of last year. Net income is expected to be between $730 million and $800 million from $32 million a year earlier. For the years ended Dec. 31, 2020 and Dec. 31, 2019, the company generated revenue of $1.3 billion and $533.7 million, respectively, and a loss of $322.3 million and $30.4 million, respectively.  

 

Coinbase Soars Above Reference Price in Nasdaq Debut
 

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Comments (5)
Jay Sheeley
Jay Sheeley Apr 15, 2021 11:52AM ET
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Coinbase isn't the only cryptocurrency business going public. https://us.trucrowd.com/equity/offer-summary/NoLimitTechnology
Martinez Nickson
Martinez Nickson Apr 14, 2021 3:52PM ET
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Reef x3 this week
Luis peralta
Luis peralta Apr 14, 2021 2:30PM ET
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watch the price drop jajajajajaaj normal in IPo coinbase have the same value than FTX or less
Cathy Bartlett
Cathy Bartlett Apr 14, 2021 2:05PM ET
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Incredible!! A win for the middle class. Thank you Satoshi Nakamoto!! You have equalized finance and leveled the playing field for potentially everyone on earth.
Leonard Kong
Leonard Kong Apr 14, 2021 2:05PM ET
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only if you sell at the right time.
Ian Brown
Ian Brown Apr 14, 2021 1:31PM ET
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Yay
 
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