Shortly after, shares surged to $429 and brought the market cap to $112 billion. In extreme waves of volatility, the stock dropped down to around $310.
The share price was set at $250 Tuesday night. This valuation made Coinbase one of the 85 most valuable US companies.
Coinbase participated in a direct listing, following in the footsteps of tech companies like Spotify, Slack, Palantir, and Roblox.
Coinbase was founded in 2012 with the intention of simplifying the purchase of Bitcoin. The company has grown exponentially and now boasts 56 million users, increasing from 43 million at the end of 2020 and 32 million in 2019.
Coinbase is going public amid a massive increase in cryptocurrency investing. Amid this surge in investment, the company has seen a massive 9 times surge in revenue to $1.8 billion in the first quarter.