Coin shares on a major US stock exchange received a reference price of $ 250 from Nasdaq before the long-awaited direct listing just a few hours later.

The price is much lower than the current FTX pre-trade price of $ 600, albeit with a small daily volume of less than $ 4 million.

The stock exchange is listed on the stock exchange instead of a stock exchange listing, which means that the reference price is not a direct indicator of the market value of a company. That simply means an estimate of $ 65 billion, which is below other estimates in the range of $ 68 to $ 120 billion.

The Nasdaq announcement said that the reference price, which reflects previous transactions but was consulted with Coinbase financial advisers, was created due to the fact that “COIN has not recently been in constant circulation in the private placement market.”

The ad says that the reference price does not reflect the opening price:

Please note that the reference price is not the bid price, and that no one has bought or sold shares at that price. The open price will be determined on the basis of the buy and sell orders at the opening auction on the Nasdaq stock exchange. ”
This is the first significant direct listing on Nasdaq. According to CNBC, “the five major live listings listed on the New York Stock Exchange – Spotify, Slack, Palantir, Asana and Roblox – were on average about 37% above the reference price for opening. Following this trend, Coinbase’s open price will exceed $ 340 billion, with an estimate of around $ 90 billion.

The trading price may rise with Coinbase’s CBSE pre-listing contract, which is currently listed on the FTX exchange, around $ 600, up 140% above the reference price. Further evidence that the first day is strong is the financial report for the first quarter of 2021, which indicated that revenue rose to $ 1.8 billion dollars, and net income was $ 800 million, an increase over $ 32 million recorded in during the same period of the year. past.

Prior to the Nasdaq listing, Coinbase surprised all of its 1,700 full-time employees by offering them 100 shares per share worth $ 25,000 at the current reference price. The Thanksgiving gift on March 25 is an unlimited grant, which means that it can be sold as soon as the listing is announced tomorrow.

These shares have been added to 105,510 share options that have been transferred to Coinbase Ireland employees in recent years.

Source: CoinTelegraph

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