On the eve of the listing, Nasdaq set a reference price for the COIN stock at $ 250. This assumes the capitalization of the exchange about $ 65 billion.
The exchange enters the public market through a direct placement of shares, not an IPO. This means that the stock price does not necessarily accurately represent the company's capitalization. The Nasdaq statement states:
Please be reminded that the reference price is notthe final bid price, since no one has ever bought or sold shares at that price. The public opening price will be determined based on buys and sells at the time of the Nasdaq open.
Shortly before listing, Coinbase arrangedsurprise their 1,700 employees by giving each of them 100 shares (reference price $ 25,000). Employees can sell their shares at the time of the opening of public trading.
Today, April 14, Binance will list the COIN tokenized shares backed by a portfolio of the exchange's real stocks. It will be possible to buy a share on Binance according to the Nasdaq opening hours in exchange for BUSDT.
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According to the materials cointelegraph.com