Coinbase Opens First Day Trading at $380, Hits $429 Intraday
Nasdaq Surpasses NYSE in Market Capitalization
[Asia Economy New York=Correspondent Baek Jong-min] Coinbase, the largest cryptocurrency exchange in the United States, made a spectacular debut on the stock market as expected.
On the 14th (local time), Coinbase, which was directly listed on the Nasdaq market, started trading at $381, far exceeding the reference price of $250.
Coinbase had already forecasted that trading would form around $360 in the morning.
During the day, Coinbase soared to $429, and as of 2 p.m., it was trading slightly lower than the opening price at around $375, which is about a 50% increase compared to the reference price.
Based on the opening price, Coinbase's market capitalization was $99.6 billion. At its peak, the market capitalization reached $112 billion on a fully diluted basis. It joined the $100 billion club on its first day of trading.
Coinbase's corporate value instantly surpassed major exchanges and large Wall Street banks. The market capitalization of Nasdaq, where Coinbase was listed, is $26 billion, and the market capitalization of ICE, the parent company of the New York Stock Exchange (NYSE), is $67 billion. The market capitalization of Goldman Sachs, a leading U.S. investment bank, is $110 billion.
Brian Armstrong, CEO of Coinbase, said in an interview with CNBC on the day, "Coinbase's listing will probably be a decisive moment for cryptocurrency."
On the day, many people gathered around the Nasdaq market in Manhattan, New York, to take pictures of the signs commemorating Coinbase's listing.
Reflecting the anticipation of Coinbase's listing, Bitcoin, which had reached an all-time high, recorded $64,000 during the day before falling back to the $62,000 range.
The New York Times analyzed that since Coinbase is likely to be included in major indices, investors worldwide could be exposed to cryptocurrency directly or indirectly.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
!["The Woman Who Threw Herself into the Water Clutching a Stolen Dior Bag"...A Grotesque Success Story That Shakes the Korean Psyche [Slate]](https://cwcontent.asiae.co.kr/asiaresize/183/2026021902243444107_1771435474.jpg)
