Coinbase, one of the world’s leading cryptocurrency exchange companies, will be listed at $250 per share on Wednesday, according to Nasdaq and Goldman Sach.
“On April 14, 2021, the Class A common stock of Coinbase Global, Inc. is expected to list on Nasdaq through a Direct Listing using the ticker “COIN”.
“Because this security has not previously traded on any listing market and has no prior day’s closing price, Regulation SHO Rule 201 will not apply to the security until its second day of trading on Nasdaq.
“As a Direct Listing, COIN will be in a regulatory halt until Nasdaq opens trading pursuant to the procedures described in Rules 4120(c)(8) and (9) and 4753. Because COIN has not had recent sustained trading in a private placement market, Nasdaq is required to determine the price to use for purposes of Rule 4753(a)(3)(A)(iv)(b) and 4753(b)(2)(D)(ii). That reference price is $250.00.”
That’s a valuation of $66.5 billion, assuming an estimated 266.2 million shares outstanding.
The reference price is discovered using public financial information along with market sentiment and is usually a conservative estimate. This figure came is 27% lower than what Coinbase last traded at in the private secondary market, $343.58 per share.
