Coinbase shares start trading on Nasdaq

Coinbase shares showed strong volatility on their first day of trading.

Coinbase began trading on Wednesday afternoonat $381 per share, 52%  more than the $250 reference price set by Nasdaq on Tuesday. 

During the trades, the share price fluctuated from $ 310 to $ 429. Bidding ended at $ 328.28, with the company valued at $ 85.7 billion, more than 10 times its preliminary estimate.

Before the direct listing, each of the 1,700 Coinbase employees received 100 shares.

Coinbase went public through direct listing. Direct listings do not have traditional lockdown periods, meaning employees could sell their shares on the first day of trading.

On the day of the stock listing, the Binance exchange launched trading in the COIN token.

WSJ journalist Rolfie Winkler tweeted a screenshot of how much early Coinbase investors paid per share on average.

What investors first paid for Coinbase, now trading at $ 420 per share

$ 0.15: @initialized / @garrytan
$ 0.20: @usv / @fredwilson; @ribbitcapital / @nshalek, @mickymalka
$ 1.00: @ A16Z / @cdixon
$ 2.76: @dfjgrowth / @BSchuler
$ 8.25: @ivp / @tomloverro
$ 23: @paradigm / @matthuang

- Rolfe Winkler (@RolfeWinkler) April 14, 2021

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