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(Bloomberg) — Coinbase Global Inc. opened at $381 in its Nasdaq debut on Wednesday.

© Bloomberg Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021.

The largest U.S. cryptocurrency exchange is the latest to go public via direct listing, an alternative to a traditional initial public offering — or a merger with a special purpose acquisition company — that bypasses a funding round and goes straight to public trading.

© Bloomberg Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021.

The listing’s reference price of $250 per share is not a direct indicator of the company’s potential market capitalization, which will become more clear as the stock trades on Wednesday.

Read more: Coinbase Listing Throws Spotlight on Nasdaq Amid Bitcoin Boom

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