Coinbase has surpassed $250 for its direct listing for the first time in two years.
Coinbase stock entered near-forgotten territory on Friday as the stock price exceeded the company’s initial direct listing price of $250.
It has been about two years since stock prices on the exchange traded at such a high level.
Coinbase’s outlook has improved along with the cryptocurrency market. As the price of cryptocurrencies, especially Bitcoin, has risen over the past year, stock prices on US exchanges have also risen. Coinbase’s stock price is currently up more than 350% compared to $53.44 a year ago, according to Yahoo Finance.
At one point on Friday, Coinbase was trading as high as $269.65, according to Yahoo Finance.
While rising Bitcoin prices are likely the main reason for the rise in the value of Coinbase’s stock, Coinbase may also benefit from acting as custodian for most of the U.S. spot Bitcoin ETFs currently traded. Recently launched products have generated over $100 billion in trading volume.
Coinbase still has a long way to go before it gets close to all-time highs. The company’s stock price hit its all-time high in November 2021, hitting $342.98, according to Yahoo Finance.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a variety of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.
