Coinbase Chief Executive Armstrong sold $291.8 million in shares on opening day


The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton

Coinbase Global Inc (COIN.O) shares jumped 11% in early trading on Thursday, a day after the cryptocurrency exchange went public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.

The debut, done through a direct listing where no shares are sold ahead of the opening, marked another milestone for bitcoin and other digital assets and came amid a surge in the value of cryptocurrencies that has lured a clutch of mainstream, top-tier firms.

Cathie Wood’s Ark funds bought $246 million worth of Coinbase shares on Wednesday, while one of her funds sold a $4.4 million stake in New York Stock Exchange-owner Intercontinental Exchange (ICE.N), according to the firm’s daily trade summary.

"Obviously, the excitement is there because this really just strengthens the idea that, right now, you can invest not into cryptocurrencies per se, but in companies that are already in business in the cryptocurrency market," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
"At some point, there will be a normalization in the transaction levels (in cryptocurrencies) and that's exactly what traditional investors are looking to understand - are these levels normal? Probably not."

Founded in 2012 by Brian Armstrong and Fred Ehrsam, San Francisco-based Coinbase has 56 million users globally and an estimated $223 billion assets on its platform, accounting for 11.3% of the crypto-asset market share, regulatory filings showed.

Coinbase's valuation, which was just under $6 billion as recently as September, has surged in tandem with bitcoin's gains this year. The world's biggest cryptocurrency, however, was down about 0.9% on Thursday after hitting a record high of $64,895.22 a day earlier.

At 6:42 a.m. ET, Coinbase shares were up 9.4% at $358.61, valuing the cryptocurrency exchange more than Nasdaq Inc (NDAQ.O) and Intercontinental Exchange put together.
News Source: reuters
Category and Tags
More stories by
Do you know what percentage of Microsoft's code is written with AI?

A significant portion of Microsoft's code is now being written using artificial intelligence (AI), said Satya Nadella, the company's chief executive officer (CEO). At the recent 'LamaCon' AI developer conference held in Menlo Park, California, USA, S

Bangladesh's economy rises to the 2nd largest in South Asia and the 9th largest in Asia.

With a GDP of USD 450.05 billion in 2024, Bangladesh's economy has grown to become the second largest in South Asia and the ninth largest in Asia, according to the Asian Development Bank's Basic Statistics 2025 series. With statistics from 46 econom

Elon Musk's Neuralink will implant blindsight devices in the human brain

                  photo: ReutersNeuralink, owned by Elon Musk, has developed a device suitable for implantation in the human brain to restore vision to the visually impair...

India exports rockets and explosives to Israel aimed at the Gaza genocide

India's export of military equipment to Israel amid the ongoing conflict in Gaza has sparked significant controversy and debate. Critics argue that these exports may implicate India in potential violations of interna...

3ZERO Pitch Competition Held at Dhaka University to Promote Empathy-Driven Entrepreneurship

April 12, 2025 | Faculty of Business, University of DhakaUddog o Uddokta Bangladesh successfully hosted the 3ZERO Pitch Competition and Project Closing Event on April 12, 2025, at the Prof. Dr. Abdullah Farouk Multipurpose Hall, Faculty of Business,

Follow Business Habit on Facebook, Twitter