Coinbase launches its IPO today with a direct listing on Nasdaq. Nasdaq has set an exercise price of $250 for the stock, which trades under the symbol COIN. Investors describe Coinbase’s public debut as a turning point for the cryptocurrency industry.
Base price of thecoin set by the Nasdaqat $250.
Investors are eagerly awaiting the Coinbase IPO. The company opted for a direct listing on Nasdaq, which is different from a traditional IPO.
The Class A common stock of Coinbase Global Inc. is expected to be listed on Nasdaq through a direct listing with the ticker COIN, according to a Nasdaq statement Tuesday. These are details:
As a direct listing, COIN is supervised until Nasdaq opens for trading in accordance with the procedures set forth in Rule 4120(c)(8) and (9) and Rule 4753.
Nasdaq said it has given Coinbase shares a benchmark price of $250 because COIN has not traded continuously in the private placement market recently. This price is expected to be approximately $65.3 billion on a fully diluted basis. Meanwhile, the implied valuation of the Coinbase currency exchange on Tuesday was nearly $150 billion.
The benchmark price was not a bid price, Nasdaq said, adding that no one had bought or sold the stock at that price. He added:
The opening price of the public sale will be determined based on the bids and offers of the public sale on Nasdaq.
This is the first major direct listing on Nasdaq, CNBC reported, noting that the benchmark price reflects recent private market transactions and contributions from investment bankers. The publication noted that five major direct listings on the New York Stock Exchange (NYSE) – Spotify, Slack, Palantir, Asana and Roblox – had an average opening price that was about 37% higher than the benchmark price.
Coinbase released preliminary first quarter results last week, showing a nine-fold increase in revenue to $1.8 billion, while net income jumped to $730-800 million from $32 million last year.
Many investors see Coinbase’s IPO as a turning point for the cryptocurrency industry. For example, Wedbush Securities analyst Dan Ives said that Coinbase’s debut on the exchange is a potential watershed event for the cryptocurrency sector and that the Street will focus on this event to gauge investor readiness. The CEO of London-based cryptocurrency platform Luno, Marcus Swanepoel, described:
First, the importance of the sector and its growth will be demonstrated.
Will you be buying Coinbase shares? Let us know your comments in the section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.
coinbase ipo price predictioncoinbase ipo where to buycoinbase stock pricecoinbase stock symbolcoinbase valuationbitcoin price,People also search for,Privacy settings,How Search works,how to buy shares on nasdaq private market,coinbase ipo release date,coinbase direct listing price,coinbase ipo price prediction,coinbase direct listing how to buy,coinbase listing date,coinbase direct listing date,coinbase nasdaq listing date