Coinbase Is Now Live On Nasdaq, Valuation Soars Past $100 Billion with Shares Trading Above $400
Coinbase has rung the Nasdaq opening bell, going public under the ticker “COIN.”
The price of $COIN shares is fast increasing, trading at $398 as of writing (jumping as high as $429). With this, Coinbase has become the world's most valuable exchange, with CME at second place at $75 billion.
“Today is a big milestone for Coinbase and an even bigger milestone for crypto. Thank you to our employees and customers for getting us here. Together, we can build the cryptoeconomy and create economic freedom for all,” tweeted the exchange celebrating its direct listing.
The day has also been commemorated into the Bitcoin Genesis block by one of the biggest bitcoin miners, F2Pool, as asked by Coinbase, which embedded the message “NYTimes 10/Mar/2021 House Gives Final Approval to Biden's $1.9T Pandemic Relief Bill” into the blockchain.
Ahead of the listing, media mentions of the exchange surged to all-time highs, but the trading of COIN shares actually got suspended for 30 minutes before it could even start; however, that isn’t unexpected for the traditional exchanges.
who would have thought pic.twitter.com/qqYJBxbcLN
— BitBit.BTFD (@BitBitCrypto) April 14, 2021
The crypto market also got extremely silent before the listing, with the volume going down and prices stuck. As Sam Trabucco, a quantitative crypto trader at Alameda, said, “Calm before the storm.”
This volatility led to 314,885 traders liquidated for $1.82 billion. But interestingly, this time, while Bitcoin accounts for $450 million of it, XRP is leading with $545 million, as per Bybt. BTC -11.92% Bitcoin / USD BTCUSD $ 49,758.93
-$5,931.26-11.92% Volume 99.05 b Change -$5,931.26 Open $49,758.93 Circulating 18.71 m Market Cap 930.94 b 14 h Almost 90% Respondents Interested in their Insurance Products Having Links with BTC: Survey 16 h Bitcoin Car to Race at the 105th Indianapolis 500 to Support BTC Awareness and Open-Source Development 17 h CME Group Sees 'Strong Adoption' of Micro Bitcoin Futures XRP -12.02% XRP / USD XRPUSD $ 1.29
-$0.15-12.02% Volume 11.86 b Change -$0.15 Open $1.29 Circulating 35.11 b Market Cap 45.19 b 1 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 5 d BoE Governor Andrew Bailey Says Crypto Investors Trading In A Bubble 5 d Ripple Reports 97% Growth In XRP Sales For Q1 2021 Amid SEC Lawsuit ETH -12.40% Ethereum / USD ETHUSD $ 3,748.37
-$464.80-12.40% Volume 82.23 b Change -$464.80 Open $3,748.37 Circulating 115.86 m Market Cap 434.27 b 16 h Balancer Labs Launches V2 With Promises Lower Fees, Higher Yields, and Easy Interface 18 h Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov 19 h Bitwise Launches Crypto Industry Innovators ETF After a Green Light from the SEC
“The crypto market is reacting broadly basically how I thought — the world is all watching this, the world all expects BTC to be correlated to COIN right now (since Coinbase's success is seen as something of a proxy for success of BTC in the US), so crypto is crashing,” said Trabucco.
Pre-IPO Coinbase contracts on crypto exchange FTX also fell from nearly $650 to $440.
Very bullish into Coinbase IPO and levered long though scaling out since last night. This is were to take profits not were to open longs. Market is levered up to the brim. Last night I was lending stables on exchange at 100% p.a. Cooled down a bit this AM.
— Alex (@classicmacro) April 14, 2021
The PTSD from CME Bitcoin futures launch in December 2017, marking the top of the last bull cycle, seems to continue to grip the market, for now, resulting in the red.
Founded in 2012 by CEO Brian Armstrong and co-founder Fred Ehrsam, at the time, the price of BTC was a mere $6, which went on to hit a new ATH at nearly $65k this week with crypto assets cumulatively worth over $2 trillion.
But “crypto is just getting started,” according to Ehsram, “We are ~1% into the most important technology of the coming decades. Crypto will redefine money and information, the two fundamental ways the world coordinates.”
Bernie Madoff, an actual Ponzi schemer, dies the same day in Federal prison
— Joe McCann (@joemccann) April 14, 2021
Coinbase global class A shares were indicated to open at $349, up from the $250 reference rate Nasdaq reported the day before, which has slowly started to climb up above $400, already giving the exchange over a $100 billion valuation based on 261.3 million shares of common stocks.
Now, crypto markets are expected to blow up as well, in line with the rising COIN share prices.