Coinbase (Coin) jumps 30% after its NASDAQ debut: Market Cap is Surpasses $100 billion – News Heater
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Coinbase (Coin) jumps 30% after its NASDAQ debut: Market Cap is Surpasses $100 billion

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Coinbase closed at $ 328.8 on its Nasdaq debut, which values Coinbase at $ 85.8 billion, based on the total number of shares issued as of March 31, 2019.

The stock initially traded at $ 381; shortly after, it shot up to $ 429, and its losses were limited. Yesterday, Nasdaq gave the reference price of $225 for the stock. The stock, however, did not change hands at this level.


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Coinbase bypassed the IPO process by listing its shares directly on the US stock exchange, allowing current employees to sell their shares immediately at market value. A token exchange company such as Coinbase was inspired by tech giants such as Spotify, Slack, Palantir, and Roblox, whose efforts helped standardize the process in pursuit of direct trade.

Based in 2012, Coinbase is a cryptocurrency exchange that provides services for buying and selling assets in the cryptocurrency market. Revenue from the marketplace is brought in at 96% by commissions from transactions.

A preliminary look at the quarter-end results was made public at the start of April this year by the exchange. About 1.8 billion dollars of revenue was achieved in three months. Preliminary estimates indicate that the COIN Stock’s net profit ranged from $ 730 to $ 800 million.

According to the COIN Stock’s statistics, by the end of March was 53 million verified customers and 6.1 million active users. The trading activity of its clients increased sharply, the exchange reported. The platform’s trading volume was $ 335 billion in the first quarter of 2021, while it was only $ 89 billion in the fourth quarter of 2020.

As a result of a Bitcoin rally and an increase in cryptocurrency trading volume, its revenue more than doubled to $ 1.3 billion for the entire year 2020. For the year, the COIN Stock collected a profit of $ 322 million. In 2019, when bitcoin trading activity was lower, the exchange generated $ 533 million in revenue and incurred a loss of $30 million.

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