Coinbase Gets a Reference Price of $250 Per Share for Direct Listing on NASDAQ

coinbase
Table of Contents
No headings were found on this page.

Coinbase gets a reference price of $250 per share for its direct listing on the NASDAQ stock exchange. Coinbase, one of the largest cryptocurrency exchanges, will become the first major cryptocurrency company to go public in the US when it will be listed on NASDAQ on Wednesday, April 14.

Crypto Economy reported earlier that Coinbase was all set to go public through direct listing as the exchange’s Class A Common Stock would start trading on the NASDAQ stock exchange on April 14.

coinbase

This momentous day for crypto space has arrived as Coinbase will be listed on NASDAQ on Wednesday, April 14. Coinbase is making its shares available to the public via a direct listing, which differs from a traditional initial public offering in that the company in question does not rely on underwriters, and does not issue a new batch of shares. Coinbase stock is expected to begin trading Wednesday morning San Francisco time, where the company is headquartered.

According to the reports, Coinbase’s reference price per share for its direct listing is $250, which would value the company around $65.3 billion on a fully diluted basis. Coinbase shares are set to start trading under the “COIN” symbol. In this case, $COIN was pegged to the $250 mark for its Nasdaq debut. Nasdaq stressed that the reference price is distinct from whatever price $COIN may open at when it begins trading.

This is Nasdaq’s first major direct listing. In the five significant direct listings that have taken place on the New York Stock Exchange, the opening price was on average about 37% above the reference price. If this happens for Coinbase, the opening price for Coinbase shares would be around $343, very close to the price in a private auction held in March.

According to some reports, Coinbase also gifting 100 shares to each of its 17,000 full-time employees around the world. This means every full-time employee at the company is poised to become $25,000 richer based on a $250 reference price set by the stock exchange

This is one of the most important milestones for the nascent crypto industry as Coinbase listing could revalue the whole crypto space. According to experts, this is the ‘Rorschach test’ for investor’s belief in cryptocurrencies. The impact of the listing has already been felt as Bitcoin has registered a new ATH of $64,758 on April 14, according to CoinMarketCap.


If you found this article interesting, here you can find more Blockchain and cryptocurrency news

RELATED POSTS

Follow us on Social Networks

Crypto Tutorials

Crypto Reviews

Ads