Coinbase Listing Crypto Bitcoin

What Coinbase Listing Means for Bitcoin and Crypto

Coinbase Listing Crypto Bitcoin

Cryptocurrency exchange giant Coinbase is going public via direct listing – a major milestone for Bitcoin and the crypto market.

Coinbase is set to list its shares on mid-day on Wednesday, April 14 (US Eastern Time) on the Nasdaq, under the ticker COIN.

The exchange giant gets the reference listing price at $250, with a valuation of around $65.3 billion. If Coinbase achieves the $100 billion market cap as the market expected, it will become one of the country’s 85 most valuable companies.

Ahead of Coinbase’s listing, Bitcoin (BTC) and Ethereum (ETH) have both extended all-time highs. After reaching a new ATH at $63,693, Bitcoin is now trading at $63,406, up 4.3% over the last 24 hours. And Ethereum is trading at $2,294, up 5.5%, slightly below its new ATH at $2,313.

Coinbase’s listing is the watershed moment for the crypto industry. “Coinbase is the poster child of the crypto ecosystem and this listing will be closely watched by The Street to gauge its appetite,” Daniel Ives, managing director at Wedbush Securities, told Decrypt.

“Coinbase is Like Tesla”

Coinbase’s listing is seen as positive for Bitcoin and other cryptocurrencies, as an opportunity for crypto to capture significant mind share in the mainstream market.

The listing will herald the beginning of a “blockchain boom,” similar to the explosion of “dotcom boom” in the late 1990s. Crypto exchange Kraken plans to go public via direct listing in 2022. Bitcoin custodian Bakkt looks to go public via a special purpose acquisition company (SPAC) merger. They may decide to put forward or shelve their listing plans depending on Coinbase’s debut.

“The IPO is a big opportunity for Coinbase user growth as the hype and PR generated will for sure onboard even more users in the IPO and subsequent stock price increase,” Keld van Schreven, managing director and cofounder of listed crypto investor KR1 told Forbes.

As an interesting note, Adam Liposky, ecosystem operations lead at Pocket Network, likened Coinbase to the electric automobile maker Tesla, “a signal of the potential impact of technology at its early-stages.”

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