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Coinbase reference worth set at $250 per share forward of Nasdaq debut By Reuters 

© Reuters. FILE PHOTO: Representations of digital forex Bitcoin and U.S. greenback banknotes are seen on this image illustration

By Echo Wang

NEW YORK (Reuters) – Nasdaq on Tuesday set a reference worth of $250 per share for Coinbase World Inc, projecting a price for the biggest U.S. cryptocurrency trade at $49.19 billion forward of its landmark inventory market debut on Wednesday.

The reference worth will not be an providing worth for buyers to buy shares, however quite a benchmark for efficiency when the inventory begins buying and selling the trade on Wednesday.

Coinbase shares are set to begin buying and selling underneath the “COIN” image. The opening public worth shall be decided by purchase and promote orders collected by the Nasdaq from broker-dealers.

The reference worth is beneath the $343.58 volume-weighted common worth Coinbase’s shares had been buying and selling at privately within the first quarter of this 12 months.

If shares commerce palms at or above the reference worth, Coinbase can be valued at greater than six instances the $8 billion the corporate was price in its final non-public fundraising spherical in 2018.

By comparability, the market capitalization of New York Inventory Change-parent firm Intercontinental Change (NYSE:) is round $66 billion.

Coinbase has opted to go public by a direct itemizing quite than a standard preliminary public providing. This implies the corporate won’t elevate any cash and present buyers usually are not certain by lock-up restrictions on once they can divest their holdings following the market debut.

The choice to go public is far much less widespread than a standard IPO however is gaining traction. Earlier high-profile direct listings embrace Spotify Know-how SA (NYSE:) in 2018, Slack Applied sciences (NYSE:) Inc in 2019 and Roblox Corp in 2021.

Based in 2012, Coinbase is among the best-known cryptocurrency platforms globally and has greater than 56 million customers who commerce numerous digital cash, together with bitcoin, ethereum and .

hit a document of $62,741 on Tuesday, extending its 2021 rally to new heights a day earlier than the Coinbase itemizing.

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