Coinbase, one of the world’s most popular and earliest cryptocurrency exchanges, made its public market debut on Wednesday, riding a wave of growing interest from major investors in digital currencies.
Coinbase’s long-awaited direct listing led to a $ 328.28 stock close on Wednesday, valuing the company at $ 85.7 billion – about 10 times more than the last valuation by a private company, according to PitchBook.
That’s 31.3 percent more than Coinbase’s $ 250 reference price. But because he chose direct listing, no shares were traded at that price instead of being opened at $ 381.
However, as Coinbase’s rating has risen, top executives and major investors have become significantly richer.
CEO and co-founder Brian Armstrong̵
Two Coinbase executives, Chief Product Officer Surojit Chatterjee and Chief Legal Officer Paul Greval, both joined the company less than 15 months ago, have shares totaling $ 957 million.
At Wednesday’s closing price, 2 million shares of Chatterjee Class A were worth $ 657.2 million, while 915,331 shares of Grewal Class A were worth $ 300 million.
Chatterjee joined Coinbase in January 2020, having previously been with Google for 11 years. Greval only joined last summer, leaving his four-year term as vice president and deputy general adviser on Facebook.