Coinbase soars in market debut, valued near $86 billion

Stocks

Coinbase has made a rousing debut on Wall Street. The digital currency exchange’s stock rose as high as $429, briefly giving it a market value over $100 billion.

The company’s listing on a public stock exchange is seen by some as an inflection point for digital currencies, as Coinbase’s fortunes are seen as closely tied to Bitcoin, the most popular cryptocurrency. Bitcoin topped $64,000 Wednesday, up from $29,000 at the start of the year, and Coinbase said recently that its first-quarter revenue should total around $1.8 billion, exceeding its revenue for all of 2020.

Shares of Coinbase are trading on the Nasdaq under the ticker “COIN” and closed at $328.28.

Categories: National News