The largest U.S. cryptocurrency exchange, Coinbase (NASDAQ: COIN), went public on Wednesday via a direct listing with a reference price of $250. Opening at $381 (52.4% above reference), it peaked at $429.54 (+71.8%) before closing at **$328.28**, up 31.2% with a trading volume of $29.85 billion.
Key Highlights:
Market Capitalization:
- Reached **$646 billion** (1.307bn Class A + 68.5mn Class B shares), exceeding London Stock Exchange Group’s ($594bn).
- Intraday peak: **$856 billion**, surpassing Hong Kong Exchanges (HKEX: 00388) at $749bn and CME Group ($742bn).
Trading Performance vs. Recent Tech IPAs:
| Company | Listing Type | Avg. Day 1 Gain |
|---|---|---|
| Spotify | Direct | +37% |
| Slack | Direct | +37% |
| Palantir | Direct | +37% |
Bitcoin and Ethereum Rally Alongside Coinbase Debut
- Bitcoin (BTC): Briefly hit **$64,829.14** before settling at $62,692.60 (-0.4% 24h).
- Ethereum (ETH): Surged to **$2,403.27** (+5.1%), breaking $2,300 resistance.
👉 Why Coinbase’s IPO is a milestone for crypto adoption
Analyst Perspectives
- Bullish Case: Some project Coinbase’s valuation could hit $1000bn, fueled by crypto market momentum.
- Counterpoint Research: Predicts Bitcoin may reach $120,000 as its "anti-fiat" market share doubles.
FAQs
Q: How does Coinbase’s direct listing differ from a traditional IPO?
A: No new shares are issued; existing shareholders sell directly, avoiding underwriter fees.
Q: What risks does Coinbase face post-listing?
A: Regulatory scrutiny, crypto volatility, and competition from decentralized exchanges (DEXs).
Q: Why did Bitcoin dip during Coinbase’s debut?
A: Profit-taking after all-time highs; long-term trends remain bullish.
👉 Explore how Ethereum’s growth impacts Coinbase’s revenue
Editor: Minfang Wu