The IPO of the largest trading platform for cryptocurrencies in the United States, Coinbase, succeeded. The first course was on Wednesday on the technology exchange Nasdaq at $ 381 - more than 50 percent above the reference price.
The platform was valued at almost 100 billion dollars (around 84 billion euros) and is currently trading higher than any other exchange operator. The Nasdaq had previously set the reference price at $ 250 per share, which corresponded to a valuation of the platform of around $ 50 billion. In the last round of financing by private donors, the goodwill of Coinbase was given as eight billion dollars.
The premiere on the Nasdaq was not a classic IPO, but a direct placement. Since this took place without a prior pricing procedure by investment banks, the reference price was only a vague guideline and not a direct indicator of the cost price.
The company from San Francisco is benefiting greatly from the crypto boom, which temporarily drove the oldest and best-known digital currency Bitcoin to a new record high of almost $ 65.000 in the middle of the week.
Coinbase earned brilliantly in the first quarter thanks to rapidly increasing trading volumes and announced a quarterly profit of between $ 730 million and $ 800 million. Many experts consider this to be an outlier in view of the strong fluctuations in the crypto market.
In the San Francisco based Coinbase was founded in 2012 and is used by more than 43 million people in over 100 countries. Experts assume that the IPO will give cyber currencies wider acceptance.