Coinbase's COIN stock debuted on Nasdaq, Higher performance than expected
Coinbase’s COIN stock trading has started on the Nasdaq after weeks of anticipation following the U.S. based exchange’s listing announcement.
COIN trading significantly started at higher than the $250 reference stock price assigned by Nasdaq prior to the market open and quickly rose to around $430. Later the price fell sharply within the first few minutes of trading.
However, COIN is up about 55%, putting the U.S. crypto exchange giant’s valuation nearly at $100 billion. The $381 a share value put Coinbase’s market cap at $99.6 billion on a fully diluted basis.
As Nasdaq reported Tuesday, Coinbase’s reference price does not reflect its offering price, which means nobody purchased or sold shares at the $250 price point quoted previously. “The opening public price will be determined based on buy and sell orders in the opening auction on Nasdaq,” the exchange clarified.
Coinbase's Nasdaq listing is also considered a "watershed" moment for the whole cryptocurrency market. Enthusiasm for COIN listing is evident among crypto traders judging from the preliminary volume figures from Binance and FTX. Both Binance and FTX crypto exchanges are offering access to Coinbase stock trading against stablecoins on its platform.
Meanwhile, the current bullish advance in the crypto space has continued for another day with the total market capitalization surging 4% in the last 24 hours.