Coinbase, Bitcoin, and cryptocurrency in general has been in the news nonstop lately. Bitcoin is at its all time highs hovering around $63,000. Visa is piloting transaction settlement in stablecoins on the Ethereum blockchain, and Ethereum is now trading at its highest prices ever, trading around $2,400. Big banks like JP Morgan and Morgan Stanley are now offering their customers opportunities to invest in cryptocurrency through ETFs. Huge companies like Tesla and Apple have jumped on the cryptocurrency bandwagon and have invested billions of dollars into purchasing Bitcoin.
Cryptocurrency exchanges, such as BlockFi, Gemini, and Coinbase, allow how retail investors can buy Bitcoin and other cryptocurrencies. Coinbase (COIN) is among the more popular crypto exchanges and it went public today, 4/14/21, in their highly anticipated direct listing IPO. Shares initially had a target price of $250 early this morning but by the time it actually started trading it opened at $381 and quickly rose up to $429, hitting a valuation above $112 billion. Share prices sank throughout the day and ended at $328.28 by the closing bell.
Coinbase (COIN) has been the biggest IPO of the year with many experts valuation of them exceeding $100 billion. The Coinbase direct listing IPO offers investors the opportunity to enter the realm of crypto without actually purchasing any actual cryptocurrency. Personally, I am still hesitant on jumping into Bitcoin (mainly because I regret not purchasing some 6+ months ago). But I like idea of investing in a crypto exchange and with Coinbase being one of the biggest names in the game, I would like to invest in this one. I’m going to keep a close eye on this hot IPO and give it a couple days to cool off to see where the price goes before buying any shares. What do you think about cryptocurrencies and Coinbase’s IPO? Please leave me a comment with your thoughts, and if you like my blog, share it on social media!