NEW YORK – The cryptocurrency exchange Coinbase (NASDAQ: COIN) went public Wednesday afternoon at a valuation of nearly $100 Billion after many days of speculation among analysts and the general public. The exchange garnered interest due to its reputation and the recent surge in popularity of anything crypto based, particularly Bitcoins.
The company listed its shares directly on the Nasdaq, as opposed to selling new stock through an initial public via a so-called direct listing, a technique used Spotify (NYSE: SPOT) and Palantir (NYSE: PLTR) in recent years. Stock prices surged to a record high of $430 at one point, an almost 50% increase from its reference point of $250 per stock.
The IPO made Coinbase CEO Brian Armstrong a multi-billionaire overnight, while many early investors were also rewarded handsomely. Mr. Armstrong wrote a brief message on the company website; thanking Satoshi Nakamoto and stating “We’re still in the early days of this industry, but we’re squarely focused on the future, on our mission, and on building the best crypto experiences for you, our community.” sending a message of confidence to a market that may be on the verge of a crypto bubble, according to some analysts.
