Nasdaq sets Coinbase's reference price at $250 per share for its direct listing, which would value the cryptocurrency exchange at $65.3B
- Coinbase is set to become the first major crypto business to go public in the U.S. and, should it reach a $100 billion market cap …
CNBCAri Levy
Context & Ripple Effects
Coinbase had moved from an explored direct-listing plan when it was valued above $8B to private secondary-market valuations of roughly $90B and more than $100B. Nasdaq's reference price supplies a formal public-market starting point below those private indications.
Nasdaq gives Coinbase shareholders and prospective public investors a $250-per-share valuation reference, implying $65.3B before trading begins.
The reference price places Coinbase's initial public benchmark below the roughly $350 private-share trading level reported the prior month, sharpening the distinction between private indications and a public-market opening point.
Second-order effects
Coinbase investors gain an immediate public benchmark against which to reassess the $90B-to-$100B-plus private valuations reported ahead of the listing.
Nasdaq's handling of Coinbase establishes a visible reference-price process for later direct listings, including Amplitude's subsequently announced listing.
Third-order effects
As a major U.S. crypto business enters public trading, the sector gains a listed-company valuation reference rather than relying solely on private secondary sales.
If more crypto businesses follow Coinbase into public markets, price discovery will increasingly shift from episodic private transactions to continuously traded public shares.
The trend: Crypto businesses are moving from private-market valuation signals toward public-market price discovery through listings.
Tomorrow on @coinbase's public listing day, @pmarca will be interviewing myself, Coinbase co-founder @FEhrsam, and Coinbase President & COO @emiliemc on YouTube Live. What questions would you like @pmarca to ask us? Thx!
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#Coinbase gets reference price of $250 from Nasdaq ahead of Wed's direct listing, which would value comp ~$65bn on diluted basis. Reference price seems ridiculously low as Coinbase shares changed hands at $350/share in early March. So odds are high Coinbase doubles on opening day…
Big IPO tomorrow: Coinbase the cryptocurrency mega-exchange goes public in a cool “direct listing” under the symbol COIN. No investment banks 👊, the reference price is $250. Watch this one folks- should be worth $100b soon: $coin #Bitcoin @elonmusk https://www.cnbc.com/...
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Everyone is like “why cryptocurrency” but the answer is that cryptocurrency is what happens when you create a gigantic technical vaccuum. Literally anything that can survive the ambient conditions will fill it.