Nasdaq Offers Coinbase Stock Reference Price of $250
Fazzaco learned that cryptocurrency exchange Coinbase's ticker symbol of the Class A common stock, COIN, has obtained a reference price of $250 from Nasdaq. Coinbase is expected to list on Nasdaq on April 14, 2021.
Nasdaq notes that the reference price is not an offering price and the opening public price will be determined based on buy and sell orders in the opening auction on Nasdaq.
Nasdaq states in a notice, "As a Direct Listing, COIN stock will be in a regulatory halt until Nasdaq opens trading pursuant to the procedures described in Rules 4120(c)(8) and (9) and 4753. Because COIN has not had recent sustained trading in a private placement market, Nasdaq is required to determine the price to use for purposes of Rule 4753(a)(3)(A)(iv)(b) and 4753(b)(2)(D)(ii). That reference price is $250.00."
Earlier this month, Fazzaco reported that Coinbase released estimated results for its first quarter ended March 31, 2021, with trading volume reaching $335 billion and total revenue about $1.8 billion. Additionally, IG Group and Rakuten Securities confirmed that they will offer Coinbase shares trading to its clients once Coinbase stock gets listed.
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