Coinbase Tumbles From Opening Price in Nasdaq Debut

(Bloomberg) -- Coinbase Global Inc. tumbled as much as 19% from its opening trade in its Nasdaq debut on Wednesday.

The largest U.S. cryptocurrency exchange fell to as low as $310 per share from $381. That original price had valued the company at more than $100 billion.

Coinbase is the latest company to go public via a direct listing, an alternative to a traditional initial public offering or a merger with a special purpose acquisition company.

The listing’s reference price of $250 per share is not a direct indicator of the company’s potential market capitalization.

Other stocks linked to crypto fell alongside Coinbase.

Read more: Coinbase Hits $100 Billion Then Slips in Landmark Crypto Listing

©2021 Bloomberg L.P.