Less than a week after listing on the largest cryptocurrency exchange in the United States, Nasdaq is preparing to launch trading options for Coinbase Global.
As reported by Reuters on April 19, a Coinbase spokesman said that COIN.O Options will begin trading on the NASDAQ exchange on Tuesday, April 20.
The issuance of stock options will give investors a new way to invest in Coinbase assets. Stock options are the right, but not the obligation, to buy or sell a stock at a specified price, known as the exercise price, on or before the expiration date.
The news comes after a direct listing from Coinbase, when the company’s shares ranged from $ 429.54 to $ 310 on the first trading day.
Reuters estimates that Coinbase CEO Brian Armstrong sold nearly $ 292 million in shares on COIN’s first trading day. According to the US Securities and Exchange Commission, Armstrong sold 749,999 shares in three shares for $ 381 to $ 410.40 per share for a total of $ 291.8 million, but less than 2% of his total stake.
The Cointelegraph reported that insiders dumped nearly $ 5 billion in COIN shares shortly after it was listed. Submissions on Coinbase Investor Relations showed that a total of 12,965,079 shares were traded by insiders, worth more than $ 4.6 billion, and the COIN share price was $ 344 at the close on Friday.
Yahoo Finance said the stock fell 22.5 percent from its high of $ 429.54 on April 14 to a current trading high of $ 332.75, as it appears to have stabilized after Monday’s trading session.
Coin Market Data – Yahoo Finance
On April 20, Coinbase Pro announced that it will add support for new trading pairs for Basic Attention Token (BAT), Cardano (ADA), Decentraland (MANA) and USDC from April 20). EUR, GBP), BTC and ETH with limited trading features will be available while market liquidity is assessed at launch.