Trading of crypto exchange Coinbase's shares on the Nasdaq exchange has begun at an initial price of $381, and as of press time the price has climbed above $400.
Coinbase's historic market debut via direct listing attracted significant media attention on Wednesday, especially in light of developing reports about the indicated share price.
Coinbase's debut price of $381 means that it opened at a market capitalization of $99.5 billion, based on the fully diluted capitalization of 261.3 million shares of common stock. At the time of writing, shares are trading hands at $415.
The development marks a milestone in Coinbase's long-in-the-making public debut, the plan for which it officially disclosed in late January. Though other crypto-centric firms have gone public in the past, Coinbase's direct listing signifies a wholly new degree of scale, capturing interest from mainstream investment firms and market watchers. Indeed, retail market service providers have moved in preparation to take advantage of some of the anticipated demand, including from investors beyond the U.S.
The price of bitcoin also hit a new all-time high above the $63,000 mark ahead of Wednesday's direct listing. At press time, the price of bitcoin is trading at about $63,680.