Coinbase has pride itself as one of the most successful crypto exchanges globally, offering its clients all around the world bespoke cryptocurrency trading services. The crypto exchange is the biggest in America, and since its inception, has aided the adoption of cryptocurrencies in the American crypto community. The decision of the management and stakeholders of the American-based Exchange to go public has been met with wide applause across the Blockchain space, as they are the first crypto exchange to go public. However, barely one week after its public listing, Nasdaq has now announced that, as of today, that its trading options for Coinbase Global will commence.
Insiders invested $5 billion on shares last Friday
Last week was a historic one for the cryptocurrency society globally, as Coinbase became a Nasdaq listed entity and became the first from the space. However, in the latest news that sufficed today, one Coinbase representative has now told the press that the Exchange’s COIN.O stock will start to trade in the market.
Typically, equity options do not just allow investors to bet on the projected fortunes of a company. Still, also investors buy and trade an asset at a specific price before an expiry date triggers. Alternatively, Coinbase’s options will not take a different route, as it is expected to allow investors to bet on its fortunes.
In the report of Brian Armstrong, the Exchange’s CEO, they sold around 750,000 shares on the first day of trading. The stock price was fluctuating due to market factors, but at an average price of $400, the estimated value of the sale was close to $300 million. According to a report from Reuters, the Exchange’s insiders bought almost thirteen million shares, estimated to be worth $5 billion. While the shares prices were fluctuating heavily, it closed at $345 on the first trading day.
Coinbase has witnessed unprecedented success, but more is expected
Unfortunately, the rapid volatility of stock prices has seemed to take a toll on the stock prices, as it fell by almost 25% from its trading price to trade around $333 at the close of business yesterday. Today, the firm has announced that it will offer new trading pair stock support, which will see Cardano’s ADA, MANA, BAT and USDC, trade alongside fiat currencies like USD, EUR, and GBP.
Coinbase public listing has come at the back of a successful funding series that saw many Venture Capitals invest massively in the crypto exchange. The Exchange needed to meet the required valuation, as required by regulators, for it to go public. The belief bestowed upon the project by Venture Capitals was nothing short of amazing.
However, going public is just the starting point, as more is expected from the American crypto exchange, which has also profited heavily from the boom of the cryptocurrency space. The global crypto community expects the crypto exchange to continue to improve its service offerings and launch more innovative products, which is believed by all to foster the growth of the overall adoption of cryptocurrencies globally.