The Washington Post
Coinbase made history Wednesday as the first major cryptocurrency player to go public, with an eye-popping $85.8 billion valuation and moving the digital currency market closer to the mainstream.
The San Francisco-based exchange’s direct listing on the Nasdaq is both a milestone and test run of the public’s appetite for digital currency. In the past year, cryptocurrency has been embraced by such brands as Tesla and Square, while Wall Street giants as Goldman Sachs and Morgan Stanley have taken steps toward offering bitcoin and other digital assets to investors, CNBC has reported.
Nasdaq gave Coinbase — which trades under the ticker “COIN” — a reference price of $250 a share Tuesday. It opened at $381 on Wednesday afternoon, soaring as high as $429 before retreating. It ended the session at $328.28.
“Coinbase is not just any crypto play, they’re one of the linchpins to the global crypto ecosystem,” said Dan Ives, managing director of equity research at Wedbush Securities. “Ultimately, how the Coinbase IPO and reception plays out is important for many other companies that are potentially following on the crypto front. It’s more than just Coinbase.”
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