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Author Topic: Coinbase has started trading in NASDAQ minutes ago  (Read 255 times)
paxmao (OP)
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April 14, 2021, 05:46:23 PM
Last edit: April 15, 2021, 12:11:33 AM by paxmao
Merited by hugeblack (4), LUCKMCFLY (1)
 #1

Starting price of nearly 400USD well above the expectations, values Coinbase above 100B. This is nearly double the indicative price of 250 setout just a week ago. It is obviously not a coincidence that bitcoin has an ATH just a day ago is it?

The listing took place a bit later than expected and at a much higher price. Ticker COIN.

Edited: 100B not 100M. At close it was around 85B.

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April 14, 2021, 06:49:14 PM
Merited by paxmao (1)
 #2

Starting price of nearly 400USD well above the expectations, values Coinbase above 100M. This is nearly double the indicative price of 250 setout just a week ago. It is obviously not a coincidence that bitcoin has an ATH just a day ago is it?

The listing took place a bit later than expected and at a much higher price. Ticker COIN.

Make that a market cap of $100 BILLION, not $100 million. I thought a $100 million looked too low and that would have been a super bargain, so had to do a little bit of research. There will be 261.3 million shares outstanding, multiplied by a (heavily fluctuating) price of $381 per share brings the total to $99.6 billion. It's a really tough call to put a value on it, especially with tech stocks generally being priced so highly right now. It brings in a lot of profit and if it starts to pay that out in dividends or share buybacks, that could make it a worthwhile investment in the long term. I can see lots of big players who might try a takeover if the price drops, but it's a risky competitive market and they'll only be successful if they can keep/grow their market share of customers. They now have an even greater target on their back for hacker extortion, they better not slack for one second on security or it will cripple them.

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April 14, 2021, 07:07:33 PM
 #3

It's going down quite hard. There seems to be a lot of dumping going on, but I can't tell whether the promoters are involved or not. From what I have heard, the trading opened at $381 per share, and then it climbed to $429.54. At this point Coinbase had a valuation of more than $105 billion. But now it's dropping quite hard. The last time I checked, COIN was trading at $311.60 per share.

https://www.nasdaq.com/market-activity/stocks/coin

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April 14, 2021, 07:11:28 PM
 #4

Make that a market cap of $100 BILLION, not $100 million. I thought a $100 million looked too low and that would have been a super bargain, so had to do a little bit of research. There will be 261.3 million shares outstanding, multiplied by a (heavily fluctuating) price of $381 per share brings the total to $99.6 billion.
Looks to me like there's only 21 million shares outstanding, not 261.3 million (not sure where you got that number from).  I had to check it out on my brokerage account:



Should be interesting to see how the stock performs over the next year or so, and I'll definitely be watching it. 

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April 14, 2021, 07:18:37 PM
Merited by hugeblack (2)
 #5

Make that a market cap of $100 BILLION, not $100 million. I thought a $100 million looked too low and that would have been a super bargain, so had to do a little bit of research. There will be 261.3 million shares outstanding, multiplied by a (heavily fluctuating) price of $381 per share brings the total to $99.6 billion.
Looks to me like there's only 21 million shares outstanding, not 261.3 million (not sure where you got that number from).  I had to check it out on my brokerage account:

-snip-

Should be interesting to see how the stock performs over the next year or so, and I'll definitely be watching it.  

If you type "how many shares does coinbase have" into Google there seems to be a lot of reporting on the higher 261.3 million shares figure and a $100 billion valuation. As it is an IPO day maybe brokerages are reporting some strange figures - are they only showing those shares which have been given to the 1,700 existing employees and maybe not showing the additional shares in equity that are being sold? Maybe the brokerage is only showing the lot figure that they have been assigned as available to sell? At a supposed $100 million valuation it wouldn't make sense to have 21 million shares outstanding either..

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April 14, 2021, 08:54:42 PM
 #6

Starting price of nearly 400USD well above the expectations, values Coinbase above 100M. This is nearly double the indicative price of 250 setout just a week ago. It is obviously not a coincidence that bitcoin has an ATH just a day ago is it?

The listing took place a bit later than expected and at a much higher price. Ticker COIN.
I have to say this really shocked me as well. Coinbase is a real good company I am not arguing with that. If I am not wrong, they could be the biggest crypto company in all of USA and to think that USA is either world leader or at least around there in economy, it is really not a shock to see biggest crypto company in biggest economy to be this highly valued. But I have to be honest, their worth is there, you see their earnings, you see their profits, you see every data, and it tells me it should not worth this much.

It should worth something, but not really this much. Which is why I think it should drop eventually. But the funny thing is, I said the same for Tesla, I said it was priced for future but not now, and eventually they reached that future and became big, now it is valued way higher than it should as well, it keeps getting bigger but price becomes bigger as well.
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April 14, 2021, 10:14:12 PM
Merited by hugeblack (2), paxmao (1)
 #7

It's going down quite hard. There seems to be a lot of dumping going on, but I can't tell whether the promoters are involved or not.

The IPO was a 'direct listing' meaning that there was no banks promoting the deal. Shares were sold directly on the exchange via the opening trade. It should be no surprise that a bitcoin/cryptocurrency company bypassed the banks.
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April 14, 2021, 11:11:40 PM
 #8

Literally after going public, they went up from 1.6B in 2016 to 100B today. And this is just the start of their journey in NASDAQ, I know there will be future endeavors that Coinbase can achieve. Although the dumping could mean that they aren't as worth as much as they are valued today, keep in mind that this will change in the coming days as well.

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April 14, 2021, 11:38:16 PM
 #9

As a publicly-traded stock, I'd say that it's somehow justified given the hype surrounding Coinbase going public. I'm interested in how things would pan out for Coinbase being the first to go public for a cryptocurrency venture although I'm not sure whether I'd want to participate in the trading madness or not. They're a good company in today's standards, though I believe that at the current price of their stocks, it's still too early to invest some money in them as most of these valuation came from hype alone.

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April 15, 2021, 02:54:21 AM
 #10

Apparently the start of Coinbase's COIN was something "difficult", some also say that it had a little impact on the Bitcoin and cryptocurrency market, on April 14 after Bitcoin reached a new maximum, around 64,890 USD, it had a 5% correction, just like a selloff in altcoins was generated.

Quote
COIN's reference price was initially $250 but the stock opened at $381 and rapidly rose to a high of around $429.54 before reversing course to $310 once the initial frenzy died down.
Source: https://cointelegraph.com/news/bitcoin-price-drops-to-near-61k-shortly-after-coin-lists-on-nasdaq

It is hardly the first day, it remains to be seen how the week closes, it was a beginning and every beginning is sometimes difficult, investors have more time this time to see and quote at a higher price if everything goes well, it is a matter of expect.

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April 15, 2021, 03:56:01 AM
 #11

Apparently the start of Coinbase's COIN was something "difficult", some also say that it had a little impact on the Bitcoin and cryptocurrency market, on April 14 after Bitcoin reached a new maximum, around 64,890 USD, it had a 5% correction, just like a selloff in altcoins was generated.

Quote
COIN's reference price was initially $250 but the stock opened at $381 and rapidly rose to a high of around $429.54 before reversing course to $310 once the initial frenzy died down.
Source: https://cointelegraph.com/news/bitcoin-price-drops-to-near-61k-shortly-after-coin-lists-on-nasdaq

It is hardly the first day, it remains to be seen how the week closes, it was a beginning and every beginning is sometimes difficult, investors have more time this time to see and quote at a higher price if everything goes well, it is a matter of expect.

Initial trends indicate that a lot of employees sold their stocks, and that created an oversupply and thereby crashed the prices. Also there was over-expectation regarding the listing. A lot of optimists were saying that a valuation of $150-200 billion could be achieved on the first day of trading. That said, I am not disappointed with the correction with Bitcoin. We are still staying above 60K, and that is a good sign. The next major target should be 100K.

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April 15, 2021, 05:12:15 AM
 #12

Be careful with investing in coinbase though, I am sure that it is an expensive one but the problem is if they give away a dividend or not because if not then probably you can invest less or more if you want because they are going to grow fast since they don't give dividends.
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April 15, 2021, 06:09:41 AM
 #13

Be careful with investing in coinbase though, I am sure that it is an expensive one but the problem is if they give away a dividend or not because if not then probably you can invest less or more if you want because they are going to grow fast since they don't give dividends.

The price already jumped more than 30% in trading and is still strong above 300$. I kind of expected the price to drop directly after the IPO, but it looks like there is still plenty of demand. I am also going to be careful with trading the stock. In my opinion is the stock price be closely related to the crypto market - when crypto coins are strong then the stock price will be high, and  if we see a bust in the coin market than also the stock price will be lower. It might be easier to directly invest in coins and make a higher profit.
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April 15, 2021, 06:20:30 AM
 #14

Now that Coinbase has been valued at double digit billions, we have to wait and see what investors like Warren Buffett have to say about it.

They have always shied away from accepting Bitcoin's value due question the underlying fundamentals. Coinbase with its 56 Million customers should give them some reason to derive a valuation. If the stories of the Dot com unicorns and their stock appreciations are anything to go by, Coinbase can be one of the best long term investments.
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April 15, 2021, 06:27:03 AM
 #15

Starting price of nearly 400USD well above the expectations, values Coinbase above 100M. This is nearly double the indicative price of 250 setout just a week ago. It is obviously not a coincidence that bitcoin has an ATH just a day ago is it?

The listing took place a bit later than expected and at a much higher price. Ticker COIN.

Make that a market cap of $100 BILLION, not $100 million. I thought a $100 million looked too low and that would have been a super bargain, so had to do a little bit of research. There will be 261.3 million shares outstanding, multiplied by a (heavily fluctuating) price of $381 per share brings the total to $99.6 billion. It's a really tough call to put a value on it, especially with tech stocks generally being priced so highly right now. It brings in a lot of profit and if it starts to pay that out in dividends or share buybacks, that could make it a worthwhile investment in the long term. I can see lots of big players who might try a takeover if the price drops, but it's a risky competitive market and they'll only be successful if they can keep/grow their market share of customers. They now have an even greater target on their back for hacker extortion, they better not slack for one second on security or it will cripple them.

I dont think there will be a problem in them growing their customer base,
there are a lot of future Bitcoiners still to come in yet who will transfer a lot
of wealth to Bitcoin.

There are those who believe in Bitcoin and will want to broaden their
portfolio with Coinbase shares, and there are others who have no interest
in owning Bitcoin but see an early investment opportunity in another Tech company.

There are people who will view this the same way as investing in Amazon or Apple
at the early stages.

R


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April 15, 2021, 06:34:06 AM
 #16

Now that Coinbase has been valued at double digit billions, we have to wait and see what investors like Warren Buffett have to say about it.

They have always shied away from accepting Bitcoin's value due question the underlying fundamentals. Coinbase with its 56 Million customers should give them some reason to derive a valuation. If the stories of the Dot com unicorns and their stock appreciations are anything to go by, Coinbase can be one of the best long term investments.

Maybe veteran investors like Warren Buffet have ethics or principles in investing, such as only investing in something that has strong intrinsic value? or they hold their own investment fundamentals, cmiiw. btw, now wallstreetbets (https://www.bloomberg.com/news/articles/2021-04-15/wallstreetbets-bows-to-crypto-wave-allows-bitcoin-discussion) have also started with crypto discussions such as btc, doge and other top coins. I think listing Coinbase on the Nasdaq will make the process of adopting crypto as a mainstream investment even faster.
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April 15, 2021, 06:48:00 AM
 #17


NASDAQ is for big companies like google. Coinbase is sure considered as one for having 100B cap and yes it's no surprise that BTC had also pumped up to $64K just yesterday. Binance had also announced to list the $COIN of coinbase. Does anyone have an idea of the use case of the $COIN?

With Coinbase becoming mainstream, the discussion I've heard with Raoul Pal was that it opens a whole new world for crypto markets that investors are not calling Altcoins an ALTCOIN anymore but "digital assets"!   
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April 15, 2021, 06:52:36 AM
 #18

Now that Coinbase has been valued at double digit billions, we have to wait and see what investors like Warren Buffett have to say about it.

LOL.. I don't expect any change in the stance from Warren Buffet. He has become more and more grumpy with his age and he still can't fathom the fact that an innovation that he derided earlier has now reached a market cap of $2 trillion plus. His recent statements also confirm that his stance is unchanged. That said, I need to ask you why you guys are so desperate to get the attention from this guy. IMO, we don't need his certificate or endorsement.
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April 15, 2021, 07:24:49 AM
 #19

~

The price already jumped more than 30% in trading and is still strong above 300$. I kind of expected the price to drop directly after the IPO, but it looks like there is still plenty of demand. I am also going to be careful with trading the stock. In my opinion is the stock price be closely related to the crypto market - when crypto coins are strong then the stock price will be high, and  if we see a bust in the coin market than also the stock price will be lower. It might be easier to directly invest in coins and make a higher profit.
That is impressive for them to grow that fast, I envy those lucky people who are going to buy Coinbase stocks right now because now that they are the only one crypto stock in the market right now, I am sure that they are going to see an exponential growth overtime.
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April 15, 2021, 07:56:41 AM
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Now that Coinbase has been valued at double digit billions, we have to wait and see what investors like Warren Buffett have to say about it.

LOL.. I don't expect any change in the stance from Warren Buffet. He has become more and more grumpy with his age and he still can't fathom the fact that an innovation that he derided earlier has now reached a market cap of $2 trillion plus. His recent statements also confirm that his stance is unchanged. That said, I need to ask you why you guys are so desperate to get the attention from this guy. IMO, we don't need his certificate or endorsement.

Lol! You are right. Other than that, Buffett has underperformed the S&P 500 over the last 15 years or so. He missed the big tech bandwagon and only a few years ago bought Apple. He got rich in a different world. He is not the best person to analyze well what is going on in the crytpo world.

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