Nasdaq sets reference price for Coinbase shares at $250

On Tuesday, April 13, on the eve of the listing of Coinbase, Nasdaq установила a reference price of $250 for COIN stock. This implies a market capitalization of the crypto company of about $65 billion.

Nasdaq’s quoted reference price is not an offer price for investors; it serves as a guide to gauge performance when the shares begin trading on the exchange.

“The public opening price will be determined based on buy and sell orders at the opening of trading on Nasdaq,” the statement said.

The market prices COIN higher — on the FTX exchange, the shares traded around $600. At that price, Coinbase’s market capitalization would approach $160 billion.

According to CNBC, in the five most recent large direct listings on Nasdaq — Spotify, Slack, Palantir, Asana and Roblox — the opening price was on average about 37% higher than the reference price. If the trend continues, COIN’s quotes would be around $343, close to the private market average in Q1.

As reported, CEO David Trainer of New Constructs believes Coinbase’s fair valuation after its market debut could be valued at $18.9 billion.