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Coinbase Debuts On Nasdaq At Around $100 Billion Valuation

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Coinbase Debuts On Nasdaq

Coinbase, a cryptocurrency exchange, made its highly anticipated debut on the Nasdaq on Wednesday, April 14, 2021, making it the first cryptocurrency-only company to go public in the United States.

The IPO of Coinbase Global today was a big turning point for the cryptocurrency business. It made an enthusiastic debut on Wall Street when the stock of the digital wallet hit $429 and briefly hit a market cap of $100 billion.

According to analysts, retail trading accounts for 90% of Coinbase’s sales, with the bulk of its transactions taking place in the US and mainly focusing on the two main cryptos: Bitcoin and ETHUSD. Dubbed the most talked-about IPO on Wall Street, Coinbase resumed trading on the Nasdaq Composite Index today under the symbol “COIN”.

What does this mean

Given Coinbase’s reception, crypto optimists insist that Bitcoin is not going anywhere in the near future, but rather becoming more mainstream. They see the Bitcoin craze as the “beginning of a new era” in the world of digital currencies rather than a passing phase.

Due to the young and unpredictable existence of Bitcoin, investors and public companies are also hesitant to invest in Bitcoin. However, as long as the currency’s popularity is maintained, the bubble hypothesis can be debunked as the control and acceptance of exchange rate differences extends later, analysts say.

It is important to note that Coinbase has a strong correlation with Bitcoin and since it benefits from its uptrend, it can also be affected by a market downturn.

What you should know

  • Coinbase has become popular with cryptocurrency optimists since its inception in 2012 to make trading digital currency stocks easier.
  • Coinbase announced last week that its first-quarter revenue grew 847% to $1.8 billion and currently has 56 million confirmed customers.
  • Coinbase is now one of the largest publicly traded companies in the United States with a market capitalization of over $100 billion.
  • Only 83 companies in the S&P 500 Index have a market value of over $100 billion.
  • The combined market value of Nasdaq Inc., which operates the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange, is higher than that of Coinbase.
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