Coinbase to the moon?
The cryptocurrency exchange shared opened at $381 on the Nasdaq Composite Index, earning a market capitalization of $99.6 billion following its debut.
It had initially been given a reference point of $250, but no shares had traded at that price, so Coinbase value soared when it went public.
The stock had skyrocketed as high as $429 in intraday trading.
What was different this time was that Coinbase avoided the traditional initial public offering (IPO) process. It instead listed its stock directly and allowed employees and current shareholders to sell shares at a market-based price.
Get this, as per CNBC:
“Bryan Armstrong, Coinbase’s co-founder and CEO, owns 39.6 million shares. In August, Armstrong was granted a multibillion-dollar performance award tied to the company’s stock price, potentially letting him purchase up to 9.29 million options at $23.46 over 10 years.”
So, is this a shorting opportunity or is there more room for growth?
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