Coinbase will start trading tomorrow on the open market after opting for a direct listing rather than an IPO. The reference price for Coinbase is $250, giving the company at $65.3 billion market cap.
This doesn’t mean you can expect to buy for that price. It could end up higher or lower as the market opens and it begins to trade. The reference price reflects the last prices investment bankers were paying for the stock before the listing.
Interestingly, Coinbase will be the first NASDAQ direct listing when it starts trading tomorrow under the symbol COIN.
As for when you can start trading Coinbase, it is not known yet. It is likely it’ll be later in the day to give people across the country a chance to trade if is anything like Roblox which started trading at 12:30 CT.
For more, see CNBC’s, “Coinbase gets reference price of $250 per share from Nasdaq ahead of Wednesday’s direct listing.”