May
06
2021
At This Price, Buy Coinbase
It's only been three weeks since the pubic-offering debut of cryptocurrency exchange Coinbase Global Inc. (NASDAQ: COIN).
The Coinbase offering was viewed as a stock market validation of cryptocurrency as an asset class. And the Coinbase buzz led to a wild first day of trading: Although COIN had a "reference price" of $250 a share, the stock "shot out of the gate" at about $381. It briefly traded above $429 - giving it a market value in excess of $100 billion - and finally ended that energetic first day at $328.28.
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