Coinbase Cryptocurrency Flagship Jumps 11% After Stormy Nasdaq Debut

Shares of Coinbase Global Inc. Coinbase Cryptocurrency (Coin). O) rose 11% in the first trades on Thursday, a day after it was made public on a high-profile debut on the cryptocurrency exchange Nasdaq that it briefly valued at more than

The first film, made via a direct quote, where no shares are sold before opening, marked another milestone for Bitcoin and other digital assets and came amid an increase in the value of cryptocurrency that fistfight. Has attracted top tier firms across.

Cathy Wood’s Arch Funds bought $ 24,000,000 worth of coinbase shares on Wednesday, while one of its funds sold a $ 4,700,000 stake in the Intercontinental Exchange (ICE). N), owner of the New York Stock Exchange, according to the firm’s daily business summary.

Swisscoat senior analyst Ipek Okaradskaya said, “Obviously, the excitement is because it really reinforces the idea that, right now, you can’t invest in cryptocurrency per se, but in companies that already own the cryptocurrency market. Are in. Back.

Coinbase Cryptocurrency

“At some point, there will be a generalization at the transaction level (in cryptocurrency) and this is what traditional investors try to understand: are these levels normal? Probably not.

Founded in 2012 by Brian Armstrong and Fred Ehrsam, the San Francisco-based Coinbase has 56 million users worldwide and an estimated $ 223 billion in assets on its platform, representing 11.3% of the cryptoactive market share, address regulatory documents Has gone

Coinbase shares

The valuation of Coinbase, which was just under $ 6 billion in September, has increased along with Bitcoin earnings this year. However, the world’s largest cryptocurrency declined by 0.4% on Thursday after reaching an all-time high of $ 4,995.22 on the previous day.

At 6:42 a.m ET, Coinbase shares rose 9.4% to $ 358.61, a rating higher than the cryptocurrency exchange Nasdaq Inc (NDAQ). O) and intercontinental exchange simultaneously.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.