Coinbase climbs 10% in premarket trading after landmark Nasdaq debut

Coinbase climbs 10% in premarket trading after landmark Nasdaq debut

Coinbase shares surged in premarket trading on Thursday, a day after the cryptocurrency exchange went public in a blockbuster direct listing.The firm's stock price climbed almost 8% to around $353.27 at 7 a.m. ET. Coinbase was briefly valued at as much as $100 billion in its Nasdaq debut Wednesday, a landmark event for the cryptocurrency industry. The stock closed at $328.28 per share, valuing Coinbase at $85.8 billion on a fully diluted basis.Investors are reacting to news that Ark Invest founder and CEO Cathie Wood loaded up on about $245.9 million worth of Coinbase shares on the firm's first day of trading. Wood is a longtime bitcoin bull, believing bitcoin and other digital tokens could eventually become part of the recommended portfolio for everyday investors.Coinbase's debut was hailed as a "watershed" moment for crypto, after years of skepticism from Wall Street giants and global regulators. But there are concerns that volatility in digital assets and regulatory uncertainty may weigh on the company's share price long-term “” as well as fierce competition from other players such as Binance, Kraken and Gemini.

"The risk management from a regulatory and the operational perspective is much better on Coinbase" compared to its competitors, Carol Alexander, a