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| Coinbase's market cap rose to $ 86 billion after its listing on the Nasdaq exchange |
Coinbase's market cap reached nearly $ 86 billion at the end of the Nasdaq IPO on Wednesday and swung sharply to $ 112 billion on a trading day after the market cap.
Coinbase made its debut on the exchange via a live listing as no shares were sold prior to the opening. This was a new milestone in the development of Bitcoin and other digital assets.
In fact, the appreciation of cryptocurrencies has attracted many large companies.
Coinbase's opening price was $ 381 a share, up 52.4% over the reference price of $ 250 a share specified on Tuesday.
The price was 10.9% higher than the weighted average price of $ 343.58, and Coinbase stocks were privately traded in Q1 2021.
The promo closed at $ 328.28, giving Coinbase a diluted valuation of $ 85.78 billion including unearned and restricted stock options with a market value of $ 65.39 billion.
In comparison, the Intercontinental Exchange, which owns the New York Stock Exchange, has a market value of $ 66 billion.
Regulatory documents indicate that the company was founded in 2012, and has 56 million users worldwide, and the entire platform is valued at $ 223 billion, or 11.3% of the cryptocurrency market share.
As of September this year, Coinbase's most recent valuation was under $ 6 billion, but it was in line with Bitcoin's increase this year.
The world's largest and most popular cryptocurrency set a record of more than $ 63,000 on Tuesday. Its value has more than doubled this year as banks and companies prepare for emerging assets.
The company's recent financial performance confirms how sales have grown in tandem with the increase in the volume and price of Bitcoin transactions.
In the first quarter of this year, when the bitcoin price doubled, Coinbase estimated sales would exceed $ 1.8 billion, with net income ranging from $ 730 million to $ 800 million, while 2020 overall sales would be $ 1.3 billion. .
According to analysts, regulatory risks are imminent as Coinbase increases the number of digital assets users can trade through its platform.
Coinbase stopped trading its main digital currency, XRP, last year after US regulators accused Ripple companies of providing $ 1.3 billion in unregistered securities. Ripple denied the claim.