Crypto exchange Coinbase is worth 71 billion euros after the first trading day
Posted On December 10, 2021
Coinbase employees yesterday at the IPO.
On the first day that you could trade in Coinbase shares, the price rose sharply. The exchange where you can buy crypto coins, such as bitcoins and ether, is now worth more than 70 billion euros.
That is more than the company that the New York Stock Exchange falls under.
Share closed 31 percent higher
Coinbase is one of the largest trading platforms where you can trade cryptos. Yesterday that stock exchange itself went public, the Nasdaq, where many technology companies are listed. Cryptocurrency in Netherlands is popular.
Nasdaq had issued a target price of $ 250 (€ 207.5), but the demand was so high that the price rose and even briefly reached almost $ 430.
Later, the price fell back a bit, but the stock closed at USD 328.28, which is 31 percent higher than the target price of USD 250. Coinbase will resume trading in New York from 3:30 pm. In pre-exchange trading, the share price is about 10 percent higher.
Crypto exchange Coinbase to the stock exchange: bosses become rich
Cash register for founders
Coinbase did not issue new shares. The so-called direct listing only made it possible for existing shareholders to sell their shares. In any case, the founders have become very rich with it.
Brian Armstrong, founder and CEO of the company, owns 39.6 million shares. At yesterday’s closing price, those pieces are worth $ 13 billion.
The entire 11-member top of the company owns shares worth more than $ 35 billion. And to think that until yesterday the shares could only be traded privately. In 2020, the private exchange rate was less than $ 29 on average. Cryptocurrency in Portugal is popular.
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Record price of bitcoin
Coinbase is benefiting from the popularity of crypto coins. The price of bitcoin, by far the most important crypto, more than doubled in price this year and yesterday set an all-time high of almost $ 65,000, according to the site CoinMarketCap.
The site uses the prices of bitcoin exchanges worldwide to calculate a weighted average