Coinbase has had a great start to its initial public offering (IPO), which opened the crypto exchange's proprietary share, the COIN, at $381 on Wednesday.
The price was ahead of the $250 reference price that was originally posted by NASDAQ. The stock continued to climb and eventually peaked at $429.54.
It has been steadily trading at around $350 since then ($346 at the time of writing). Naturally, the initial price came with some volatility as pent-up demand had to adjust the actual offering a bit.
The success of Coinbase in listing publicly is considered an important moment for the entire cryptocurrency market. Effectively, the company is proving that crypto has a place on the stock market, a sentiment that has been growing given the streak of interest and investments by the likes of JPMorgan and Morgan Stanley in the sector.
Investors are increasingly looking to commit to the crypto space in a bid to not miss what is the best-performing asset of a decade. Coinbase's listing is surely going to be the first of many to come. Media companies, crypto banks and others could soon follow.