Coinbase made a rousing debut on Wall Street Wednesday, with the digital currency exchange’s rising as high as $429, briefly giving it a market value over $100 billion.
Coinbase Global Inc.‘s initial public offering comes with cryptocurrency chatter seemingly everywhere, even at the U.S. Federal Reserve. Digital currencies are incorporated into business plans and accepted by major corporations like Tesla, PayPal, and Visa.
The San Francisco-based 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’s price 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 income for all of 2020.
Shares of Coinbase are listed on the Nasdaq under the ticker “COIN” and were trading around $376 after about 40 minutes of trading, putting its market value around $98.2 billion.
That market value makes Coinbase one of the biggest publicly traded U.S. companies — just 83 companies in the S&P 500 index have market values above $100 billion. Coinbase’s value is greater than the combined market value of Nasdaq Inc., which runs the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange. Founded in 2012, Coinbase became popular among cryptocurrency fans by providing them with an easier way to exchange shares of Bitcoin and other digital currencies.
Coinbase said it had 56 million verified users as of March 31, with 6.1 million making transactions monthly. Trading volume in the first quarter was $335 million.