Coinbase Makes Its Nasdaq Debut as Crypto Surges
As cryptocurrencies continue to make their way towards mainstream acceptance, one major crypto-centric company is making a splash on Wall Street. This afternoon, Coinbase successfully went public, with its stock now listing on the Nasdaq under the ticker symbol $COIN. According to CNBC, the platform opened at $381 a share — well ahead of its $250 reference price — with share prices trading for as high as $429 for a time. The $381 opening figure sets Coinbase’s initial market cap at $99.6 billion.
Coinbase’s IPO has not only been viewed as big moment for the company itself but has also been heralded as a key milestone for cryptocurrencies. Indeed, various crypto assets have seen surges in recent days, such as Bitcoin reaching a new record of one coin being worth more than $64,000. Elsewhere, the “memecoin” Dogecoin has seen an even larger leap, more than doubling in value over the past week. Currently, Doge is worth more than 12¢ despite trading for fractions of a cent less than a year ago. Incidentally, while the Coinbase platform supports numerous crypto assets, Dogecoin is not among them.
While Coinbase was one of the first platforms to help popularize and demystify crypto for laymen, they’re far from the only ones doing so these days. For example, PayPal recently began allowing customers to buy and sell select crypto assets. Still, Coinbase benefits from early adoption, being “built for the job,” and offering a far greater number of tradable assets when compared to other more mainstream options.
In a blog post, Coinbase co-founder and CEO Brian Armstrong reflected on the company’s banner day, noting, “Today’s listing is a milestone, but it’s not as important as every new day in front of us. Coinbase has an ambitious mission: to increase economic freedom in the world,” adding, “Everyone deserves access to financial services that can help them build a better life for themselves and their families. We have a lot of hard work to do to make this a reality.” Armstong concluded, “We’re still in the early days of this industry, but we’re squarely focused on the future, on our mission, and on building the best crypto experiences for you, our community.”
Although it may be easy to overstate the significance of Coinbase’s IPO, it is undoubtedly a big step forward for crypto at large. This not only includes the more well-known assets such as Bitcoin but also puts a spotlight on other coins, each with their own benefits. Of course, while crypto prices are soaring this week, it seems likely that the cryptocurrency market will have a greater impact on Coinbase’s stock price than the other way around going forward. In any case, it will certainly be interesting to see how $COIN performs following its big debut.