COIN Touches Base On Nasdaq, Surpasses USD 400 & Drops

COIN Touches Base On Nasdaq, Surpasses USD 400 & Drops 101Brian Armstrong, Founder and CEO of Coinbase. Source: A screenshot, Youtube/Coinbase

The much-discussed and highly-anticipated event has finally begun: US-based major crypto exchange Coinbase went public on the Nasdaq stock exchange via a direct public offering (DPO) of its shares under the symbol ‘COIN’.

It debuted at USD 381, reaching almost USD 430, surpassing USD 100bn valuation, before dropping to almost USD 360, per Nasdaq data.

COIN Touches Base On Nasdaq, Surpasses USD 400 & Drops 102Source: nasdaq.com

Bitcoin (BTC), ethereum (ETH), and major altcoins corrected lower as COIN dropped. At 18:14 UTC, BTC trades at USD 62,176 and is down by almost 2% in a day, while ETH is almost unchanged, trading at USD 2,319.

It took a few hours until the price was available in public. Per Jamie McGurk, a Partner at venture capital firm Andreessen Horowitz, a shareholder of Coinbase, an auction starts early in the morning on the first day of trading, first indicating size of demand, and then at what price as supply and demand starts to build. "Buyers and sellers will adjust their orders for several hours as the market begins to hone in on the equilibrium price," McGurk said.

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Updated: 04/14/2021 — 15:00