Coinbase is ruling the market space with its stock trade price continuing to surge at a fast pace on the Nasdaq Private Market channel. Recent reports revealed that the Coinbase stock cleared an average price of $373 per share value. This exciting growth in the share value has increased the total value of the crypto firm and has placed it as a $100.3 Billion worth company in the market.
The surprising increase in the price of Bitcoin has given a push to the crypto space dramatically. Currently, Bitcoin has a market capitalization of more than $1 trillion. The growing popularity has caused a boom for other market participants too. The rise in the value of the Coinbase exchange stock can be seen as a crucial development for the entire crypto industry, especially as it heads close towards its direct listing.
The firm sold its first cluster of 75,000 shares on January 29, 2021, for a price of $200 per share. Ever since then, the Coinbase equity value is on a roll, and the recent price has made the firm join the $100 Billion worth club. The Nasdaq exchange facilitates secondary trading of Coinbase shares which allows former employees and investors of Coinbase to sell off their assets securely.
The selling process kickstarts every week from Monday morning till Thursday afternoon, whereas the auctioning and clearing are done after that. The results are made available in the circle on Friday. The identities of the traders have not been disclosed. However, sources claimed that they are big investment entities. The bidders do not have to fill their accounts beforehand and are allowed to trade at their preferred prices. The order book data showed that the two biggest bids were placed at $350 and $450 per share on the exchange. The $100BN price tag means that Coinbase could go public at a higher initial valuation than any other U.S. tech company since Facebook.