Coinbase jumps 11% day after Nasdaq debut

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By Reuters Staff

(Reuters) – Coinbase Global Inc shares jumped 11% in early trades on Thursday, a day after the cryptocurrency exchange went public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.

The debut marks another milestone for bitcoin and other digital assets and comes amid a surge in the value of cryptocurrencies that has lured a clutch of mainstream, top-tier firms.

Cathie Wood’s Ark funds bought $246 million worth of Coinbase shares in the debut on Wednesday, according to the firm’s daily trade summary.

Founded in 2012 by Brian Armstrong and Fred Ehrsam, the San Francisco-based firm boasts 56 million users globally and an estimated $223 billion assets on its platform, accounting for 11.3% of the crypto asset market share, regulatory filings showed.

Coinbase was valued at just under $6 billion as recently as September, but its valuation has surged toe-to-toe with bitcoin’s gains this year. The company was valued at $86 billion at the end of Wednesday’s trading session.

At 5 a.m. ET on Thursday, Coinbase shares were up 11.4% at $365.50. At that price, the cryptocurrency exchange would be worth more than Nasdaq Inc and New York Stock Exchange-owner Intercontinental Exchange put together.

Reporting by Niket Nishant and Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

Reuters

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