(Bloomberg) — Coinbase Global Inc. opened at $381 in its Nasdaq debut on Wednesday.
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.
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.
For more articles like this, please visit us at bloomberg.com
©2021 Bloomberg L.P.