Shares in Coinbase jumped 11% in early trades on Thursday, a day after the cryptocurrency exchange went public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.
The debut marks another milestone for bitcoin and other digital assets and comes amid a surge in the value of cryptocurrencies that has lured a clutch of mainstream, top-tier businesses.
Cathie Wood’s Ark funds bought $246 million worth of Coinbase shares in the debut on Wednesday, according to the firm’s daily trade summary.
Founded in 2012 by Brian Armstrong and Fred Ehrsam, the San Francisco-based firm boasts 56 million users globally and an estimated $223 billion assets on its platform, accounting for 11.3% of the crypto asset market share, regulatory filings showed.
Coinbase was valued at just under $6 billion as recently as September, but its valuation has surged toe-to-toe with bitcoin’s gains this year. The company was valued at $86 billion at the end of Wednesday’s trading session.
At 5 a.m. ET on Thursday, Coinbase shares were up 11.4% at $365.50. At that price, the cryptocurrency exchange would be worth more than Nasdaq Inc and New York Stock Exchange-owner I
The team at Platform Executive hope you have enjoyed the ‘Coinbase jumps 11% day after Nasdaq debut‘ article. Translation from English to a growing list of other languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Niket Nishant and Sagarika Jaisinghani in Bengaluru. Editing by Shounak Dasgupta.
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