Home Stock Coinbase's reference price is set at $ 250 as it prepares to...

Coinbase’s reference price is set at $ 250 as it prepares to go public on Wednesday


Coinbase, one of the first crypto exchanges to go public, will start trading on Wednesday at the reference price of $ 250 a share, which would give the company a near 50 valuation. billion dollars.

The Nasdaq Stock Exchange determined and announced the price on Tuesday, ahead of the expected public stock market launch of San Francisco-based Coinbase, the largest crypto exchange, with “COIN”.

Coinbase’s listing comes after bitcoin
BTCUSD,
-0.03%

on Tuesday rose to as high as $ 63,000, a record, and as cryptocurrencies are becoming more and more mainstream. In the past month, companies like PayPal Holdings Inc.
PYPL,
+ 2.38%

and Tesla Inc.
TSLA,
+ 8.60%

announced that they will allow the purchase of bitcoin. Earlier this year, Bank of New York Mellon said it would offer similar services to bitcoin and other cryptocurrencies as for more traditional financial holdings.

See: Bitcoin soared when Elon Musk said that Americans can now use it to buy a Tesla

Coinbase, where users mainly trade in bitcoin and ethereum, last week reported that their revenue grew 847% in the first quarter to $ 1.8 billion and now has 56 million users confirmed. intelligence.

The reference price for a direct listing is based on the transaction price on the private market before companies file a public listing with the Securities and Exchange Commission. Direct listing differs from IPO in that there is no capital to raise, based on dollar figures per share during initial public offering. The reference price does not determine where the stock will open.

At $ 250 a share, Coinbase’s fully diluted valuation will be $ 65.3 billion.

Read: The Coinbase CEO charity calls on ‘ambassadors’ to help donate cryptocurrencies

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