Coinbase has started trading in NASDAQ minutes ago - page 2.

LUCKMCFLY

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Apparently the start of Coinbase's COIN was something "difficult", some also say that it had a little impact on the Bitcoin and cryptocurrency market, on April 14 after Bitcoin reached a new maximum, around 64,890 USD, it had a 5% correction, just like a selloff in altcoins was generated.

Quote

COIN's reference price was initially $250 but the stock opened at $381 and rapidly rose to a high of around $429.54 before reversing course to $310 once the initial frenzy died down.

Source: https://cointelegraph.com/news/bitcoin-price-drops-to-near-61k-shortly-after-coin-lists-on-nasdaq

It is hardly the first day, it remains to be seen how the week closes, it was a beginning and every beginning is sometimes difficult, investors have more time this time to see and quote at a higher price if everything goes well, it is a matter of expect.

dothebeats

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As a publicly-traded stock, I'd say that it's somehow justified given the hype surrounding Coinbase going public. I'm interested in how things would pan out for Coinbase being the first to go public for a cryptocurrency venture although I'm not sure whether I'd want to participate in the trading madness or not. They're a good company in today's standards, though I believe that at the current price of their stocks, it's still too early to invest some money in them as most of these valuation came from hype alone.

CarnagexD

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Literally after going public, they went up from 1.6B in 2016 to 100B today. And this is just the start of their journey in NASDAQ, I know there will be future endeavors that Coinbase can achieve. Although the dumping could mean that they aren't as worth as much as they are valued today, keep in mind that this will change in the coming days as well.

Quickseller

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Quote from: Vishnu.Reang on April 14, 2021, 02:07:33 PM

It's going down quite hard. There seems to be a lot of dumping going on, but I can't tell whether the promoters are involved or not.

The IPO was a 'direct listing' meaning that there was no banks promoting the deal. Shares were sold directly on the exchange via the opening trade. It should be no surprise that a bitcoin/cryptocurrency company bypassed the banks.

perfect999

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Quote from: paxmao on April 14, 2021, 12:46:23 PM

Starting price of nearly 400USD well above the expectations, values Coinbase above 100M. This is nearly double the indicative price of 250 setout just a week ago. It is obviously not a coincidence that bitcoin has an ATH just a day ago is it?

The listing took place a bit later than expected and at a much higher price. Ticker COIN.

I have to say this really shocked me as well. Coinbase is a real good company I am not arguing with that. If I am not wrong, they could be the biggest crypto company in all of USA and to think that USA is either world leader or at least around there in economy, it is really not a shock to see biggest crypto company in biggest economy to be this highly valued. But I have to be honest, their worth is there, you see their earnings, you see their profits, you see every data, and it tells me it should not worth this much.

It should worth something, but not really this much. Which is why I think it should drop eventually. But the funny thing is, I said the same for Tesla, I said it was priced for future but not now, and eventually they reached that future and became big, now it is valued way higher than it should as well, it keeps getting bigger but price becomes bigger as well.

Fortify

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Quote from: The Sceptical Chymist on April 14, 2021, 02:11:28 PM

Quote from: Fortify on April 14, 2021, 01:49:14 PM

Make that a market cap of $100 BILLION, not $100 million. I thought a $100 million looked too low and that would have been a super bargain, so had to do a little bit of research. There will be 261.3 million shares outstanding, multiplied by a (heavily fluctuating) price of $381 per share brings the total to $99.6 billion.

Looks to me like there's only 21 million shares outstanding, not 261.3 million (not sure where you got that number from). I had to check it out on my brokerage account:

-snip-

Should be interesting to see how the stock performs over the next year or so, and I'll definitely be watching it.

If you type "how many shares does coinbase have" into Google there seems to be a lot of reporting on the higher 261.3 million shares figure and a $100 billion valuation. As it is an IPO day maybe brokerages are reporting some strange figures - are they only showing those shares which have been given to the 1,700 existing employees and maybe not showing the additional shares in equity that are being sold? Maybe the brokerage is only showing the lot figure that they have been assigned as available to sell? At a supposed $100 million valuation it wouldn't make sense to have 21 million shares outstanding either..

The Sceptical Chymist

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Quote from: Fortify on April 14, 2021, 01:49:14 PM

Make that a market cap of $100 BILLION, not $100 million. I thought a $100 million looked too low and that would have been a super bargain, so had to do a little bit of research. There will be 261.3 million shares outstanding, multiplied by a (heavily fluctuating) price of $381 per share brings the total to $99.6 billion.

Looks to me like there's only 21 million shares outstanding, not 261.3 million (not sure where you got that number from). I had to check it out on my brokerage account:

Should be interesting to see how the stock performs over the next year or so, and I'll definitely be watching it.

Vishnu.Reang

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It's going down quite hard. There seems to be a lot of dumping going on, but I can't tell whether the promoters are involved or not. From what I have heard, the trading opened at $381 per share, and then it climbed to $429.54. At this point Coinbase had a valuation of more than $105 billion. But now it's dropping quite hard. The last time I checked, COIN was trading at $311.60 per share.

https://www.nasdaq.com/market-activity/stocks/coin

Fortify

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Quote from: paxmao on April 14, 2021, 12:46:23 PM

Starting price of nearly 400USD well above the expectations, values Coinbase above 100M. This is nearly double the indicative price of 250 setout just a week ago. It is obviously not a coincidence that bitcoin has an ATH just a day ago is it?

The listing took place a bit later than expected and at a much higher price. Ticker COIN.

Make that a market cap of $100 BILLION, not $100 million. I thought a $100 million looked too low and that would have been a super bargain, so had to do a little bit of research. There will be 261.3 million shares outstanding, multiplied by a (heavily fluctuating) price of $381 per share brings the total to $99.6 billion. It's a really tough call to put a value on it, especially with tech stocks generally being priced so highly right now. It brings in a lot of profit and if it starts to pay that out in dividends or share buybacks, that could make it a worthwhile investment in the long term. I can see lots of big players who might try a takeover if the price drops, but it's a risky competitive market and they'll only be successful if they can keep/grow their market share of customers. They now have an even greater target on their back for hacker extortion, they better not slack for one second on security or it will cripple them.

paxmao

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Starting price of nearly 400USD well above the expectations, values Coinbase above 100B. This is nearly double the indicative price of 250 setout just a week ago. It is obviously not a coincidence that bitcoin has an ATH just a day ago is it?

The listing took place a bit later than expected and at a much higher price. Ticker COIN.

Edited: 100B not 100M. At close it was around 85B.

Topic: Coinbase has started trading in NASDAQ minutes ago - page 2. (Read 308 times)