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Coinbase soars in market debut, valued near $100 billion

FILE PHOTO: People watch as the logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton/File Photo (REUTERS)Premium
FILE PHOTO: People watch as the logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton/File Photo (REUTERS)

The company’s listing on a public stock exchange is seen by some as an inflection point for digital currencies, as Coinbase’s fortunes are closely tied to Bitcoin, the most popular cryptocurrency

Coinbase made a rousing debut on Wall Street, with the digital currency exchange’s first trade of $381 giving it a market value of $100 billion.

The company’s listing on a public stock exchange is seen by some as an inflection point for digital currencies, as Coinbase’s fortunes are closely tied to Bitcoin, the most popular cryptocurrency.

Bitcoin has topped $63,000, up from $29,000 at the start of the year, and Coinbase said recently that first-quarter revenue should total around $1.8 billion, exceeding its revenue for all of 2020. Shares of Coinbase are trading on the Nasdaq under the ticker “COIN,"

This story has been published from a wire agency feed without modifications to the text.

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