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Coinbase jumps 11% day after Nasdaq debut

The debut marks another milestone for bitcoin and other digital assets and comes amid a surge in the value of cryptocurrencies that has lured a clutch of mainstream, top-tier firms.

April 15, 2021 / 04:31 PM IST
Image: AP

Image: AP

Coinbase Global Inc shares jumped 11 percent in early trades on Thursday, a day after the cryptocurrency exchange went public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.

The debut marks another milestone for bitcoin and other digital assets and comes amid a surge in the value of cryptocurrencies that has lured a clutch of mainstream, top-tier firms.

Also Read: Crypto exchange Coinbase debuts on Nasdaq, here's what you need to know

Cathie Wood's Ark funds bought $246 million worth of Coinbase shares in the debut on Wednesday, according to the firm's daily trade summary.

Founded in 2012 by Brian Armstrong and Fred Ehrsam, the San Francisco-based firm boasts 56 million users globally and an estimated $223 billion assets on its platform, accounting for 11.3 percent of the crypto asset market share, regulatory filings showed.

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Coinbase was valued at just under $6 billion as recently as September, but its valuation has surged toe-to-toe with bitcoin's gains this year. The company was valued at $86 billion at the end of Wednesday's trading session.

At 5 am ET on Thursday, Coinbase shares were up 11.4 percent at $365.50. At that price, the cryptocurrency exchange would be worth more than Nasdaq Inc and New York Stock Exchange-owner Intercontinental Exchange put together.
Reuters
first published: Apr 15, 2021 02:21 pm

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