Coinbase Debuts on Nasdaq With $86 Billion Valuation in Direct Listing
Coinbase officially goes public on the Nasdaq through a direct listing, closing its first day with a massive $85.8 billion market cap. The cryptocurrency exchange sees staggering revenue growth as crypto adoption surges.
Coinbase makes its highly anticipated debut on the Nasdaq through a direct listing, bypassing the traditional initial public offering process. The cryptocurrency exchange closes its first trading day at $328.28 per share, giving it a fully diluted market valuation of approximately $85.8 billion. Shares open at $381 and briefly peak at $429.54 before settling, proving significantly higher than the $250 reference price set the previous night.
By choosing a direct listing, Coinbase allows existing shareholders and employees to sell shares immediately at market-driven prices without issuing new stock. This method follows a growing trend among major tech companies like Spotify, Slack, and Roblox. Founded in 2012 to simplify bitcoin purchases, Coinbase now boasts 56 million users and establishes itself as the dominant crypto exchange in the United States.
The public debut arrives alongside unprecedented ninefold revenue growth, with first-quarter earnings reaching $1.8 billion compared to the same period last year. Monthly transacting users more than double to 6.1 million in the first quarter, reflecting a massive surge of cash flowing into digital currencies. This explosive financial performance positions Coinbase uniquely among recent high-growth tech listings that have captured intense investor interest.