Coinbase opened $100 over its reference price with an insane opening, but the hype was short-lived
Coinbase ($COIN) had quite an amazing start shortly after it was made available to trade on the Nasdaq exchange. Opening with a valuation of over $66 billion. Though the reference price was a mere $250, by the start of opening at 1:25 PM EST, it was already trading at $381. And then it quickly flew off $429.52, but the momentum died right there, collapsing to the $310 area and not regaining back any steam until the close of the day. Coinbase ended the day with a market capitalization of $74B.
Not too shabby.
Today’s listing is a milestone, but it’s not as important as every new day in front of us. Coinbase has an ambitious mission: to increase economic freedom in the world. Everyone deserves access to financial services that can help them build a better life for themselves and their families. We have a lot of hard work to do to make this a reality.
We’re still in the early days of this industry, but we’re squarely focused on the future, on our mission, and on building the best crypto experiences for you, our community.Brian Armstrong, Co-founder and CEO of Coinbase
Otherwise, the major indices finished mixed
The overall underwhelming IPO of Coinbase sent shockwaves through the cryptocurrency equities, sending crypto mining stocks deep in the red.
We saw the opposite action from yesterday, the Russell 2000 led with the Dow not far behind. The S&P 500 and Nasdaq both closed lower. The energy sector was also very strong throughout the day. Basic materials and financials also flew more than 0.50%. Consumer discretionary, communications, and tech all tumbled by about 1%.