Coinbase Global Inc. opened at US$381 in its Nasdaq debut on Wednesday.
The largest U.S. cryptocurrency exchange is the latest to go public via direct listing, an alternative to a traditional initial public offering -- or a merger with a special purpose acquisition company -- that bypasses a funding round and goes straight to public trading.
The listing’s reference price of US$250 per share is not a direct indicator of the company’s potential market capitalization, which will become more clear as the stock trades on Wednesday.
Advertisement