The 2021 crypto frenzy has hit a new milestone with major crypto company Coinbase’s turbulent stock market debut last night.
The cryptocurrency trading platform was valued at a whopping US$86 billion (around A$111 billion) at the end of its first day of trade on the NASDAQ. Coinbase is the first major cryptocurrency company to list its shares on a U.S. exchange.
The company’s stock opened at US$381 (around A493) per share, which is over 50 per cent above its reference price of US$250 (roughly A$327) per share set by the NASDAQ on Tuesday.
A reference price is set by a stock exchange based on its expectations of where it expects a company’s securities to open. Read more…..
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