Shares of Coinbase jumped 11% in pre-market trading, a day after the cryptocurrency exchange went public in a direct listing that valued the company at more than $100 billion U.S.
The debut of Coinbase marks another milestone for Bitcoin and other digital assets and comes amid a surge in the value of cryptocurrencies that has attracted mainstream investors.
Cathie Wood’s Ark funds bought $246 million U.S. worth of Coinbase shares on their first day of trading, according to the firm’s daily trade summary.
Founded in 2012 by Brian Armstrong and Fred Ehrsam, the San Francisco-based firm boasts 56 million users globally and an estimated $223 billion U.S. of assets on its platform, accounting for 11.3% of the cryptocurrency asset market share, regulatory filings showed.
Coinbase was valued at just under $6 billion U.S. in September 2020, but its valuation has surged along with Bitcoin’s gains this year.
In pre-market trading Thursday (April 15), Coinbase shares were up 11.4% at $365.50. At that price, the cryptocurrency exchange is worth more than NASDAQ Inc. and the New York Stock Exchange-owner Intercontinental Exchange combined.
