Coinbase shares will start trading on the exchange today, at a reference price of $250, NASDAQ has reported.
This implies a capitalization of about $65B for the exchange.
The NASDAQ estimate is not the offering price for investors, but rather a reference for evaluating performance when the shares start trading on the exchange. According to the stock exchange:
"The opening public price will be determined based on buy and sell orders in the opening auction on the NASDAQ."
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The stock exchange estimates the price of COIN shares to be higher: for instance, the shares of the crypto exchange trade at around $600 on the exchange FTX. Coinbase's market valuation at this price is close to $160B.
According to CNBC, the last largest direct listings on the NASDAQ (Spotify, Slack, Palantir, Asana and Roblox) reached an average opening price 37% higher than the reference price.