Coinbase goes public through a direct listing on Nasdaq

Coinbase

Coinbase completed the largest direct listing ever, pricing its shares at $381 against a $250 reference price and closing at $328.28 on 14 April 2021. The fully diluted valuation reached $85.8 billion, making it the first major U.S. crypto company to go public.

• COIN shares opened at $381 and hit a high of $429.54 intraday, peaking at a $100B+ valuation before settling at $328.28 at close.
• The direct listing format let existing shareholders sell immediately, skipping the traditional IPO lockup period.
• Coinbase's public listing eclipsed previous record-holders Palantir, Spotify, and Roblox in direct-listing size.