Future Looks Bright for Crypto as Coinbase Hits the Public Market
Coinbase made its debut on Nasdaq on Wednesday, closing the day with a market cap of around $62 billion. That makes it the seventh-largest new US listing, right behind Uber’s market cap of $69.9 billion. The success of Coinbase signals a bright future for the crypto market. It’s also worth noting that companies and individuals that rely on crypto mining are increasingly looking to remote desktop software.
Coinbase is a start-up based in San Francisco that allows people to buy and sell cryptocurrencies. It’s the first crypto start-up to go public on the US stock market, with proponents of digital currencies describing this moment as proof of the industry’s strength.
Coinbase started the day at $381 a share, which is significantly higher than the $250 reference price set by Nasdaq. It then shot up to $429 before dropping to a low of $310 and finally closing at $328.28. The listing offers a great avenue to invest in crypto for both young, tech-savvy investors who use tools like task management software as well as more traditional investors who had reservations about buying risky digital currencies.
The success of this crypto exchange eclipsed giants like DoorDash, Kraft Foods, Palm, General Motors, and Visa. It even surpassed Goldman Sachs’ $31 billion listings in 1999. If Coinbase’s listing remained at $465, it would have surpassed Airbnb’s $86.5 billion listings. It goes without saying that such companies must have a foolproof online legal service.
If Coinbase’s price of $328 per share endures, its market cap might increase to $83 billion. The company, which has 1700 employees and 56 million registered users, reported a net profit between $730 million and $800 million for the first three months of the year, bringing in $1.8 billion in revenue.