Coinbase, a major US stock exchange, received a $ 250 reference price from Nasdaq ahead of the long-awaited direct listing just hours later.

The price is much lower than the current FTX trading price of $ 600, but for a daily volume below $ 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 company’s market value. 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 set in consultation with Coinbase financial advisors, was created due to the fact that COIN has not maintained trading in the private space market in the past.

The announcement states 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 public price will be determined on the basis of 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, “five major live broadcasts made on the New York Stock Exchange – Spotify, Slack, Palantir, Asana and Roblox – were about 37% above the reference price to open.” Following this trend, Coinbase’s open price will exceed $ 340 billion, with an estimate of around $ 90 billion.

The trading price may rise with CBSE’s pre-listed Coinbase contract, which is currently listed on the FTX exchange, around $ 600, up 140% above the reference price. Further proof that the first day is strong is the financial report for the first quarter of 2021, which indicated that revenues rose to $ 1.8 billion dollars, resulting in a net income of $ 800 million, which is an increase compared to USD 32 millions. registered during the period. for the same period last year. …

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