Many expected the Coinbase trading platform to have a successful start on the stock exchange. Now the expectations have even been exceeded. The company trades higher than any conventional exchange operator.
Coinbase, the largest American trading platform for crypto currencies such as Bitcoin, launched brilliantly on the New York tech exchange Nasdaq on Wednesday. The cost price was 381 US dollars, more than 50 percent above the reference price. Coinbase achieved an overall valuation of almost 100 billion dollars (around 84 billion euros) and is currently trading higher than any conventional exchange operator.
The premiere on the Nasdaq was not a classic IPO, but a direct placement. Since this took place without a previous pricing procedure by investment banks, the reference price was only a vague guideline and not a direct indicator of the cost price.
The company from San Francisco is benefiting greatly from the crypto boom, which temporarily drove the oldest and best-known digital currency Bitcoin to a new record high of almost $ 65,000 in the middle of the week.
Coinbase earned brilliantly in the first quarter thanks to rapidly increasing trading volumes and announced a quarterly profit of between 730 and 800 million dollars. Many experts consider this to be an outlier in view of the strong fluctuations in the crypto market.
The San Francisco-based Coinbase was founded in 2012 and claims to be used by more than 43 million people in over 100 countries. Experts assume that the IPO will give cyber currencies wider acceptance.