The highly anticipated debut of Coinbase Global (NASDAQ:COIN) on the public markets went about as planned on Wednesday. Using a direct listing process, rather than a traditional initial public offering (IPO), the cryptocurrency exchange platform started trading far above its $250 reference price, closing the session at about $328 per share.
Prior to its first full day of trading Thursday morning, the stock jumped more than 11% in premarket trading, and sits about 7.8% higher as of 7:45 a.m. EDT.
Some of the early morning investor interest undoubtedly comes from the new access traders have to invest in a proxy for Bitcoin (CRYPTO:BTC) and other cryptocurrencies. But much of the excitement is also likely due to the fact that popular investor Cathie Wood said she bought almost $250 million worth of Coinbase yesterday for her Ark Invest exchange traded fund (ETF), according to CNBC. Read more…..
Chart of the Day
Mark Yusko, founder, CEO and president of Morgan Creek Capital Management, discusses what is causing this market sell-off.