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Coinbase Has Good Opening Day, Closes 31% Above Reference
On its opening day, Coinbase soared above its initial reference price of $250 a share, hitting as high as $429.54 before settling down.
Coinbase is one of the leading platforms for trading cryptocurrency, and its success is inextricably tied with the crypto market. It’s off to a good start however. It opened trading at $381 a share, 52% above its reference price.
Despite soaring to 72% above reference to $429.54 during its first day, it closed at $328.28, or 14% below its opening trade.
Jim Cramer, founder of TheStreet had high praise for Coinbase, calling it “the real deal,” saying if you’re a “big believer in cryptocurrency … you want to own Coinbase for the long haul.”
TheStreet also quoted Wedbush analyst Dan Ives on the significance of the Coinbase IPO.
“The Coinbase IPO is a watershed and historical event for the crypto industry and will be something the Street will be laser focused on to gauge investor appetite going forward,” Ives said.
Coinbase Has Good Opening Day, Closes 31% Above Reference
Matt Milano
from WebProNews https://ift.tt/3wWBJQ9
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