From CNBC:
- The Nasdaq said on Tuesday that Coinbase’s reference price for its direct listing is $250, which would value the company around $65.3 billion on a fully diluted basis.
- The reference price reflects past transactions and input from the investment bankers, but it does not indicate where the stock will open on Wednesday.
- Coinbase is the Nasdaq’s first significant direct listing, after Spotify, Slack, Palantir, Asana and Roblox all went public on the New York Stock Exchange.
Nasdaq gave Coinbase a reference price of $250 a share on Wednesday ahead of its planned direct listing, which would value the cryptocurrency exchange at about $65.3 billion on a fully diluted basis.
Coinbase is set to become the first major crypto business to go public in the U.S. and, should it reach a $100 billion market cap, will instantly be one of the country’s 85 most valuable companies. The company’s value has soared in the past year alongside bitcoin and ethereum, the primary currencies traded on the site.....
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