Coinbase concluded the first day of trading with a share price of $328.

Coinbase concluded its first day of trading with a share price of $328, 31% up from the $250 reference price set by Nasdaq.

Coinbase has finally seen its listing on Nasdaq happen, and the stock experienced a heady first day on the market. The COIN stock is currently priced at $328 after being set a reference price of $250 from Nasdaq the day before. The stock went as high as $429, with investors flocking to the first Bitcoin trading company to go public. The listing has been much talked about, with both traditional and crypto investors paying close attention to it.

 

The current price puts Coinbase’s valuation at $85 billion.

The current price puts Coinbase’s valuation at $85 billion, near the $90 billion valuation calculated from private sales. The price is reflective of buoyant investor sentiment. CNBC’s Squawk Box, speaking to Coinbase CEO Brian Armstrong, referenced the fact that 96% of the crypto firm’s revenue in 2020 was generated from transaction fees. It also remarked on whether margin compression would be an issue, given increasing competition. Armstrong responded, saying that Coinbase had begun monetizing various products and services to generate more predictable revenue channels.

 

Bitcoin’s price also rose to new all-time highs with Coinbase listing. 

At the time of writing, the leading cryptocurrency by market capitalization bitcoin is changing hands at just above $63,000. Coinbase CEO went on to say, “We haven’t seen any margin compression yet, and I actually wouldn’t expect to see it in short and the midterm. Longer-term, yes, I do think there could be fee compression just like in every other asset class out there.” The CEO expects the various non-trading businesses to eventually account for over 50% of the firm’s revenue. That is an ambitious target, but the exchange has the market’s eye and could indeed achieve it.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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