Bloomberg

Coinbase hits $ 100 billion and then slips onto Landmark’s crypto list

(Bloomberg) – Coinbase Global Inc. cryptocurrency exchange rose above a valuation of $ 112 billion on its trading debut Wednesday and then fell back below its opening price as Bitcoin fell from record highs and tech stocks fell across the board. The massive valuation that dwarfs more traditional financial firms like Intercontinental Exchange Group Inc. and Nasdaq Inc. itself are a landmark for the crypto industry and for Coinbase, which was founded nearly a decade ago when few people had heard of Bitcoin and many Exchanges were operated by amateurs from their garages and homes. Coinbase shares were trading at $ 332.99 apiece at 2:56 p.m. on the Nasdaq, after previously rising to $ 429.54. Bitcoin, which together with Ethereum made up 56% of Coinbase’s trading revenue in 2020, fell below $ 62,000 after previously hitting a record price. The early rally isn’t just a sign of success for Coinbase, which …



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