Scheduled for Listing on the 14th
[Asia Economy New York=Correspondent Baek Jong-min] On the 14th (local time), the reference price for Coinbase, a cryptocurrency exchange scheduled to be listed on the Nasdaq market, was set at $250.
According to CNBC, Nasdaq announced this a day before Coinbase's trading began. The reference price is a benchmark provided by Nasdaq for trading shares of companies that have not undergone an initial public offering (IPO).
Coinbase's corporate value rose alongside the soaring prices of cryptocurrencies such as Bitcoin and Ethereum. Around 5 p.m. that day, Bitcoin was trading at around $63,000, up about 8% compared to 24 hours earlier. Bitcoin has risen more than 100% since the beginning of this year.
Instead of the conventional method of going public and selling new shares for listing, Coinbase chose a direct listing. Accordingly, existing shareholders can sell their shares immediately after listing without any sales restriction period.
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