A reference price of $250 U.S. per share has been set for the direct listing of cryptocurrency exchange Coinbase.
The NASDAQ stock exchange set the reference price ahead of Coinbase’s direct listing that will see the company begin trading today (April 14).
Setting a reference price is a requirement for trading in Coinbase stock to begin. Unlike the share price in a traditional initial public offering (IPO), it isn’t a direct indicator of the company’s potential market capitalization. Investors will have a better sense of Coinbase’s valuation once shares begin trading.
Coinbase’s offering is the first major direct listing to take place on the NASDAQ exchange. All previous direct listings have occurred on the New York Stock Exchange, including Roblox, Spotify, Slack, Asana and Palantir.
Coinbase shares changed hands at $350 U.S. a share at a NASDAQ Private Market auction in early March.
