Stock market investors valued Coinbase at $75.9bn in its debut on Nasdaq on Wednesday, the first listing of a major cryptocurrency exchange and a moment of validation for the digital asset class some 12 years after the creation of bitcoin.
Shares drifted lower through the trading day — from an opening price of $381 to $328 — but even at the close Coinbase had a market capitalisation of $65.4bn, rivalling that of the New York Stock Exchange’s parent company, ICE, which is worth $67bn.
Coinbase would be valued at $85.8bn including options and other kinds of stock-based awards.
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