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Coinbase Global Inc. fetched an $85b valuation in its stock market debut Wednesday, a watershed moment for an industry that began a decade ago as an experiment in digital money. Shares of Coinbase, the first major bitcoin-focused company to test the U.S. public market, opened at $381 on the Nasdaq Global Select Market. They rose as high as $429.54 in the first few minutes of trading and ended the session at $328.28. Coinbase went public through a direct listing under the ticker symbol COIN.
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“This is going to be a roller coaster,” he said, adding that there would be many investors trading in and out of the shares. “Right now the Street is still trying to put goal posts around the valuation,” Mr. Ives said.
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