On the eve of the Coinbase listing, the Nasdaq exchange set a reference price for the COIN stock at $ 250. This assumes a crypto company capitalization of about $ 65 billion.
The quotes named by the Nasdaq are not the offer price for investors, it is a benchmark for assessing the results when the stock begins to trade on the exchange.
“The public opening price will be determined based on buy and sell orders at the Nasdaq open,” the statement said.
The market estimates the COIN rate higher – on the FTX stock exchange the shares were traded in the region of $ 600. The market valuation of Coinbase at this price of securities is close to $ 160 billion.
According to CNBC, the last five largest direct listings on Nasdaq – Spotify, Slack, Palantir, Asana, and Roblox – averaged about 37% higher open price than reference. If the trend continues, COIN quotes will be around $ 343, close to the private market average in the first quarter.
New Constructs CEO David Trainer believes that Coinbase’s fair capitalization after entering the stock market can be estimated at $ 18.9 billion.
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