“After opening at $381 at around 1:30 p.m. ET, Coinbase shares (NASDAQ: COIN) soared to as high as $429.54 before dropping more than 100 points over the next hour and a half to close at $328. That was below the $348 price where the shares last changed hands in private markets.
Even with their dizzying drop, Coinbase shares were still well above their $250 reference point price assigned Tuesday evening by the Nasdaq.
At a share price of $328, Coinbase would have a valuation of about $65 billion, assuming 199.2 million shares outstanding. Using the fully diluted share count of 261.3 million, the implied market capitalization would be about $86 billion.
The uninformed were driving price on it more than the informed. In three to six weeks you’ll see higher prices.”
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“Galaxy Digital founder and CEO Mike Novogratz compared the listing of Coinbase’s shares on Nasdaq today to the dawn of a new age in the adoption of crypto.
This is a really important day for the whole crypto world. This is saying ‘this is an asset class, and it’s an asset class that’s here to stay.
Institutions are going to come flooding into this space. Coinbase is the first big marquee equity that mutual funds are going to say ‘hey, I can make my statement in crypto this way.”
“Binance announced Wednesday it will be listing Coinbase’s stock token “COIN” later today. The COIN/BUSD trading pair will be launched allowing its exchange users to trade fractional Coinbase shares.
Trading of stock tokens will follow traditional exchange hours and is not available for residents in Mainland China, Turkey and other restricted jurisdictions.”
“By most measures, Ethereum had an outstanding Q1.
The native cryptocurrency of the network, ether, outperformed bitcoin and traditional macro assets by a wide margin in terms of price, appreciating 156% over the quarter. Several ETH investment products were also launched, paving the way for greater institutional involvement in the ether markets. The quarter also contained several milestones related to Ethereum’s technology roadmap and the progress of the Ethereum 2.0 upgrade.
In Q1 2021, the total value locked in Ethereum 2.0 more than doubled, rising from 1.5 million ETH staked to 3.6 million by the end of the period. The number of active validators crossed 100,000 by Feb. 27, 2021, and has since passed 118,000 as of April 12, 2021.
Q1 2021 highlighted several possible use cases for ether. ETH could be held as speculative investment, put to work in a decentralized finance (DeFi) application, used to buy a non-fungible token, staked on Ethereum 2.0 for interest or purchased as a corporate balance sheet reserve asset. Any of these use cases has the potential to break out as the dominant one for Ethereum and its native token ether in the coming months.”
“The Token Safe Harbor Proposal 2.0, published Tuesday, updates Peirce’s 2019 proposal which suggested a three-year grace period that would let blockchain projects actually develop their networks or tokens after raising funds. Under the proposal, a company could sell tokens before building the project but would be exempt from federal requirements that securities issuers register with the SEC.
Tuesday’s version would require companies to provide updates to the SEC every six months, and find outside counsel to explain whether their network could be considered “decentralized” at the end of the grace period.
According to the guidance, network decentralization and functionality are treated as two different issues. Decentralization is assessed by voting power, development efforts and network participation, while functionality is assessed by the ability to transmit or store value on the network, as well as run an application on it.”
“Privacy is the number one thing Europeans want out of a digital euro, according to the results of a survey by the European Central Bank (ECB). The ECB said it had received 8,200 replies. While 43% of respondents said privacy is the most important feature of a digital euro, fewer than one in 10 showed support for full anonymity.
We will do our best to ensure that a digital euro meets the expectations of citizens highlighted in the public consultation.”
“The Purpose Investments ETF, the first Bitcoin (BTC) exchange-traded fund to launch in North America, has seen its assets under management soar to $1.1 billion less than two months after launching. Two Bitcoin ETFs that launched shortly after Purpose’s in Canada have also seen their AUM’s swell to a combined $200 million in the same time period.
The acceptance by regulators and eventual launch of the purpose ETF acted as an opening of the floodgates for Canadian Bitcoin businesses. All ETFs have seen their respective values rise in line with Bitcoin’s own meteoric ascent in recent times, with each unit priced higher now than at launch.”