Coinbase makes market debut amid cryptocurrency frenzy – MENAFN.COM

Coinbase makes market debut amid cryptocurrency frenzy – MENAFN.COM

Monitors display Coinbase signage during the company%E2%80%99s initial public offering at the Nasdaq MarketSite in New York. The first company devoted entirely to cryptocurrency to enter the US stock exchange, listed under the symbol COIN, is already a heavyweight. (MENAFN - Gulf Times) Cryptocurrency exchange Coinbase makes a highly anticipated stock market debut on Nasdaq Wednesday amid frenzied interest in bitcoin and other virtual currencies despite concerns about a bubble. The first company devoted entirely to cryptocurrency to enter the US stock exchange, listed under the symbol COIN, is already a heavyweight. The Nasdaq on Tuesday night set a reference price for the company at $250 per share, which, after taking into account the shares in circulation, stock options and restricted shares, would put Coinbase's overall valuation at $65. 3bn. That makes Coinbase the biggest new US stock market entrant since Uber in 2019. Coinbase chose a direct listing, which does not allow it to raise new funds but does offer current shareholders “” founders, employees and historical investors “” the opportunity to sell their shares on the market. Spotify, Slack, Palantir and Roblox have also used this method for their Wall Street debuts. Coinbase has benefited from bitcoin's meteoric