The hype around Coinbase’s direct listing has encouraged investors to buy more cryptocurrency as they witness the flurry of excitement around the company’s debut. Ethereum, the second-most valuable digital coin, also set a new record, soaring to $2,317 on Tuesday.
Coinbase is going public today via a direct listing that could value the cryptocurrency exchange at up to $100 billion. This valuation would put it ahead of other major trading operators such as the Intercontinental Exchange.
Crypto fans see the company’s stock market launch as a big milestone for the industry after years of regulation and distrust from Wall Street. Having such a large crypto company make a successful launch will allow people to see cryptocurrency as not just an important asset, but also as a serious business. Many hope that more people will begin to trust the cryptocurrency industry, instead of seeing it as a fad, following the market debut.
How much is one Bitcoin worth?
At the time of writing, Bitcoin is currently worth $63,595. Experts predict that the coin’s value could hit $100,000 this year and others are even estimating $300,000 in the current bull market if we go by the coin’s historical growth patterns.
Bitcoin’s value has more than doubled since the start of 2021, which has been helped by big companies and financial institutions backing the coin. Tesla recently announced that it made a $1.5 billion Bitcoin bet and will begin accepting the currency as a method of payment for its vehicles. In addition, financial titans Goldman Sachs and Morgan Stanley said they are both discussing offering their clients some exposure to Bitcoin.
When is Coinbase going public?
Coinbase is expected to begin trading today, Wednesday, April 14, on the Nasdaq exchange under the ticker symbol ‘COIN.’ The Nasdaq has given Coinbase a reference price of $250 per share, which would value the company at roughly $65.3 billion on a fully diluted basis.
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Content Writer at MyWallSt
Nicole's favorite stock is Etsy because she loves its original and handmade items. She believes people are going to stop buying mass-produced items and start purchasing ‘one of a kind’ fashions and furnishings. In a world of sameness, Etsy has the advantage.