Coinbase will list on NASDAQ with a reference price set at $250 today. The exchange will trade under the COIN ticker once it's officially live.
The crypto exchange is going public via an initial public offering (IPO) which means that the reference price is not an indicator of market cap.
Commenting on the reason for the reference price, NASDAQ explained that it has worked with Coinbase financial advisors to establish the metric, and added that “COIN has not had recent sustained trading in a private placement market”.
Trying to pinpoint the opening price for Coinbase may be a bit of a guessing game, but there are some parallels to follow. For example, there have been five direct listings on the New York Stock Exchange, and in each case, the opening price was 37% higher than the reference price.
This will be a first direct listing for NASDAQ, though. Some analysts are expecting the trading price to go even higher. Ahead of the listing, Coinbase has given employees 100 shares each, which are presently worth $25,000. This may change at any moment.