Coinbase has made history today, following its initial public offering (IPO) on the Nasdaq. The exchange’s stock price (NASDAQ: COIN) saw a massive spike immediately after its debut on the stock exchange.
The stock price surged by 52.4% to $380 per share, as its highly-anticipated listing kicked off on the tech-heavy exchange this afternoon.
The rally sent the firm’s market capitalization to $99.6 billion, exceeding its estimated valuation by $34.6 billion. This price activity seen in COIN is on par with the debuts of tech giants like Facebook and Airbnb.
The company noted that it opted to be directly listed, which means that no new shares will be issued, with shares made available for existing investors at a quoted of $250 per share.
Record-Breaking Revenue Report
The US-based cryptocurrency exchange is the first cryptocurrency company to go public amid a booming appetite for inflation-proof assets during the global economic crisis.
The cryptocurrency exchange generates its revenue from charging fees on trades on cryptocurrency trades, making volatile markets particularly profitable for the company.
In its most recent quarterly report, Coinbase noted that its revenue target for Q1 2021 was between $730 and $800 million. The company ended up reporting $1.8 billion in revenue in the first three months of its fiscal year. The company now boasts more than 56 million verified users.
Meanwhile, the founding and managing partner of Eden Block, Lior Messika, noted that:
“The company’s aggressive growth, underpinned by an increasingly dominant presence in the West, has laid the groundwork for what will surely be one of the most important listings in tech and a complete game-changer for the crypto industry.”
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