Cryptocurrency exchange Coinbase donated shares to its employees ahead of today’s direct listing on the stock market. The first to report this was the Irish edition of the Business Post, with which employees of the Dublin office of the exchange shared information.
A Coinbase spokesperson confirmed that a total of over 1,700 employees received 100 shares each as a thank you. The benchmark price at the start of trading will be $ 250 per share. Thus, each employee, in theory, will be able to raise $ 25,000 from the sale of securities. Nevertheless, the target price is set on the basis of conservative estimates, and the real value of the shares may turn out to be significantly higher than these values.
According to the Business Post, the shares were donated during a workers’ meeting on March 25. Coinbase usually allows restricted stock purchases by employees, but the last giveaway was gratis and no strings attached. Incentives are not available for non-Coinbase employees.
“Coinbase is running a $ 25,000 COIN airdrop for its employees. $ 42.5 million! What a loud statement. Uniswap has indeed opened the Overton window for capital allocation standards. Bravo to Coinbase CEO Brian Armstrong for spreading the cryptocurrency culture, ”writes Bankless co-founder David Hoffman, referring to last year’s UNI token airdrop for decentralized exchange users.
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