Nasdaq to launch options trading for Coinbase Global

In less than a week of the largest crypto exchange in the U.S. listing, Nasdaq is set to start trading options for Coinbase Global.

Nasdaq to launch options trading for Coinbase Global

According to the report published by Reuters, a Coinbase representative stated that the COIN.O options will begin trading on Nasdaq by Tuesday, April 20.

The launch of the equity options will offer a new way for investors to bet on the fortunes of Coinbase. Equity options represent the right, but not the obligation, to buy or sell a stock at a certain price, known as the strike price, on or before an expiration date.

The news follows Coinbase’s direct listing, which saw the firm's stock fluctuate between a valuation of $429.54 and $310 on its very first day of trading.

Reuters stated that Coinbase CEO Brian Armstrong sold approximately $292 million in shares on the first day of trading. According to filings made with the U.S. SEC, Armstrong has sold 749,999 shares in three batches at prices ranging from $381 to $410.40 per share for total proceeds of $291.8 million. However, this works out at less than 2% of his total holdings.

Yahoo Finance reported the stock has slumped 22.5% from a high of $429.54 on April 14 to a current after-hours trading price of $332.75 where it appears to have settled after Monday’s trading session.

On April 20, Coinbase Pro announced that it will add support for new trading pairs for Basic Attention Token (BAT), Cardano (ADA), Decentraland (MANA), and USDC. The four assets will be paired with three fiat currencies including USD, EUR, GBP as well as BTC, and ETH, with limited trading functionality to be made available while market liquidity is assessed at launch.

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