Coinbase is valued at bn 76bn for the cryptocurrency at the near-age moment

Stock market investors are valuable Coinbase At ড 75.9bn, Nasdaq debuted on Wednesday, the first listing of a large cryptocurrency exchange for the digital asset class and a moment of legitimacy, almost 12 years after the creation of Bitcoin.

The shares opened at 381 each opened on Wednesday, giving Coinbase market capitalization that immediately surpassed ICE, the parent company of the New York Stock Exchange, valued at 67 67 billion. Coinbase would be worth.699.6bn if options and other types of stock-based rewards were included.

Coinbase holds assets for 5m million retail customers and operates the largest digital coin exchange in the United States – a business Rocked With the prices of Bitcoin and other cryptocurrencies in recent months.

“We hope it just brings a lot more transparency and a lot more focus to the industry,” said Alessia Hush, Coinbase’s chief financial officer. “We’ve seen that Coinbase get that attention over the last few months.”

The list attests Coinbase co-founder And CEO Brian Armstrong as millionaire, with a share of .15.1bn at the opening price. Other major investors in Coinbase include venture capital group Anderson Horowitz and Fred Ehrsom, co-founder of Union Square Ventures and Armstrong.

Quinbase immediately became one of the 120 most valuable public companies in the United States, ahead of Discovery Financial Services, First Republic Bank and Nasdaq, which is trading its shares. The company was made public directly through the list, which is an alternative to the initial public offering that does not provide any funding.

On the cryptocurrency exchange FTX, practitioners bid a coinbase-tied futures deal above $ 600 at the top of the list, meaning they see the company valued at more than িয়ন 150 billion. Contracts fell sharply as Coinbase was signaled to open trade at very low prices.

Coinbase settled directly on the list after considering the possibility of selling traditional IPOs and equity tokens, said Barry Schuller, a partner at DFJ Growth, which first invested in the company in 2015. The choice allows ordinary investors to start buying shares immediately.

“Thousands of years and no questions asked [younger people] Really gravitate towards crypto, “Schuller said.” They look at the traditional enduring financial infrastructure and they see it as immovable and they’re right. “

Coinbase CEO Brian Armstrong says he plans to run the company on a break-in over time.

Coinbase’s fate linked to demand Bitcoin And Ethereum, most of its earnings are tied to trading in two cryptocurrencies. Bitcoin, one of the best-performing asset class of the year, held a $ 63,400 token as soon as Coinbase started trading, shattering to record highs earlier in the day. Etherium all traded near an all-time high of ২৪ 2,400.

Proponents of Bitcoin have called it a technology to transform the world’s financial system, although Federal Reserve Chairman Jay Powell has been cooling the idea in public since the start of the Coinbase trade.

Calling cryptocurrencies “vehicles for speculation”, the central bank chief said: “No one is using them to make money, for example, like the dollar. It’s a bit like gold. They’ve done it for thousands of years. Bitcoin is a lot like that. “

Coinbase’s financial fortunes have improved since the latest bullfight Cryptocurrency Markets, which saw a nine-fold increase in revenue in the first quarter, accounted for about 1. 1.1 billion in consolidated revenue before interest, taxes, depreciation and payments.

Armstrong said he planned to run the company during break-eon with accounting for the cycle of creditcurrency markets.

“It looks like it’s just the first day he’s performing,” said Gary Tan, founder of Initial Capital, Coinbase’s first investor after the Y Combinator start-up program came out.

The first major direct listing for a Nasdaq technology company was Coinbase, which lost multiple large lists of companies, including the New York Stock Exchange’s gaming platform Roblex and audio streaming service Spotify.

Goldman Sachs, JP Morgan, Allen & Co and Citigroup Quinnbase have been advised of the list.

Additional report by Colby Smith in New York

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