On its opening day, Coinbase soared above its initial reference price of $250 a share, hitting as high as $429.54 before settling down.
Coinbase is one of the leading platforms for trading cryptocurrency, and its success is inextricably tied with the crypto market. It’s off to a good start however. It opened trading at $381 a share, 52% above its reference price.
Despite soaring to 72% above reference to $429.54 during its first day, it closed at $328.28, or 14% below its opening trade.
Jim Cramer, founder of TheStreet had high praise for Coinbase, calling it “the real deal,” saying if you’re a “big believer in cryptocurrency … you want to own Coinbase for the long haul.”
TheStreet also quoted Wedbush analyst Dan Ives on the significance of the Coinbase IPO.
“The Coinbase IPO is a watershed and historical event for the crypto industry and will be something the Street will be laser focused on to gauge investor appetite going forward,” Ives said.