Cryptocurrency exchange Coinbase is set to debut on Nasdaq on April 14 in one of the most anticipated events of the year on Wall Street that has seen a great deal of excitement over bitcoin’s record-breaking run.
Coinbase is the first company devoted entirely to cryptocurrency to enter the US stock exchange and will be listed under the symbol, what else but COIN.
The Nasdaq on the night of April 13 set a reference price for the company at $250 per share. Taking into account the shares in circulation, stock options and restricted shares, Coinbase’s overall valuation will begin at $65.3 billion, making it the biggest US stock market entrant since Uber in 2019.
Nearly 115 million Coinbase shares will be put on the market.
What is Coinbase?
Without admitting wrongdoing, Coinbase paid a $6.5 million fine and was forced to push back its listing date on Wall Street.
Another downside to Coinbase is its commissions, which the company uses to earn money. These levies are higher than some of its rivals, particularly Binance, which was founded in China.