India  

Coinbase soars in milestone crypto market debut

Video Credit: Reuters - Politics - Duration: 02:16s - Published
Coinbase soars in milestone crypto market debut

Coinbase soars in milestone crypto market debut

Coinbase Global, the world's largest cryptocurrency exchange, staged a banner stock market debut on Wednesday, in an auspicious moment for the emerging cryptocurrency world.

Conway G.

Gittens has the details.

Cryptocurrencies took a giant leap into the mainstream Wednesday with the blockbuster stock market debut of Coinbase, the world's largest cryptocurrency exchange.

Shares surged about 60 percent on the Nasdaq, immediately giving it a market valuation close to $100 billion, eclipsing that of the parent company of the venerable New York Stock Exchange, and rivaling that of Wall Street titan Goldman Sachs.

This stock market debut, seen as a watershed moment for cryptos, comes as bitcoin, the most visible of the group touched another record high Wednesday - near $65,000.

Coinbase -a9-year old company- is a big beneficiary of the interest in bitcoin, ethererum, doge coin and all the other cryptocurrencies out there.

The exchange has 56 million users worldwide, capturing 11 percent of the crypto market, according to regulatory filings.

Bitcoin trading, however, is its bread and butter.

No longer relegated to the dark web, bitcoin's value has more than doubled this year alone as household names like

Class="kln">Tesla said they will accept bitcoin as payment.

And as bitcoin's value has skyrocketed, so has Coinbase's fortune.

In just the first three months of this year alone, Coinbase predicts it took in more than $1.8 billion in revenues....that's more business than it did all of last year.

And unlike many companies making stock market debuts - this one is profitable.

Coinbase said it had an estimated quarterly profit between $730 million and $800 million.

But that close correlation to bitcoin is also a risk.

In bitcoin’s brief history - it has had huge swings to the downside.

And that’s not the only potential headache facing Coinbase: Any potential regulatory crackdown of the new asset is a risk… And so is the prospect of competition from old-guard Wall Street firms who may make a move on Coinbase’s turf.

But judging from the stock’s opening day surge, those are risks Coinbase's new investors are willing to take – as they hope the milestone creates the kind of publicity that sends crypto-trading into a new orbit.




You Might Like


💡 newsR Knowledge: Other News Mentions

Coinbase American digital asset exchange company

Bitcoin hits fresh record ahead of Coinbase's stock market debut [Video]

Bitcoin hits fresh record ahead of Coinbase's stock market debut

Does the stock market listing of Coinbase mean cryptocurrencies are becoming part of the financial establishment?

Credit: Euronews English    Duration: 02:37Published
Binance.US wants to make crypto more accessible [Video]

Binance.US wants to make crypto more accessible

Brian Brooks, incoming CEO of crypto exchange Binance.US, tells CNN’s Julia Chatterley that “at a certain point, finance will have migrated out of the analog age and into the digital age.” He weighs in on Dogecoin, Coinbase, and regulation.

Credit: Bleacher Report AOL    Duration: 08:01Published
Equity indices trade flat, Infosys drops 3.8 pc [Video]

Equity indices trade flat, Infosys drops 3.8 pc

Equity benchmark indices traded flat during early hours on April 15 amid an interplay of resurgence in COVID-19 cases and the pace of vaccination. Investors tracked updates on the vaccines approval and prediction of a normal monsoon season across the country despite mixed global cues. At 10:15 am, the BSE S and P Sensex was down by 204 points or 0.42 per cent at 48,340 while the Nifty 50 edged lower by 40 points or 0.28 per cent to 14,465. Nifty metal rose by 1.5 per cent and pharma by 1.1 per cent. But all other sectoral indices at the National Stock Exchange were in the red. Among stocks, IT software major Infosys dropped by 3.6 per cent to Rs 1,344.40 per share after reporting a 2.3 per cent sequential decline in consolidated profit at Rs 5,076 crore for the quarter ended March. Traders booked profit even as the company board approved a buyback of equity shares through open market route amounting to Rs 9,200 crore at a price not exceeding Rs 1,750 a share, Grasim lost by 3.2 per cent, Eicher Motors by 3.1 per cent, Mahindra and Mahindra by 2.8 per cent, Maruti Suzuki by 1.7 per cent and Bajaj Finance by 1 per cent. However, pharma major Cipla rose by 3.3 per cent to Rs 914.70 per share. The other prominent gainers were Sun Pharma, Dr Reddy's, Hindalco, Tata Steel, Wipro and Adani Ports. Meanwhile, Asian shares were on the backfoot following mixed cues from Wall Street where a sharp sell-off in the largest bitcoin exchange Coinbase hit tech shares.

Credit: ANI    Duration: 01:17Published

Cryptocurrency Cryptocurrency Encrypted medium of digital exchange


Wall Street Wall Street Street in Manhattan, New York

Wall Street firms move to ease employee burn-out [Video]

Wall Street firms move to ease employee burn-out

Goldman Sachs, Jefferies and Citigroup are responding to the mental health pressure facing employees. CNN’s Clare Sebastian reports.

Credit: Bleacher Report AOL    Duration: 03:32Published
Bulls, Bears, and Buffet: What we should all learn about Wall Street’s wild week [Video]

Bulls, Bears, and Buffet: What we should all learn about Wall Street’s wild week

With all this volatility, how do you assess the risk vs. reward of getting into a red hot stock market?

Credit: ABC Action News    Duration: 04:34Published

New York Stock Exchange New York Stock Exchange American stock exchange

Jessica Alba becomes youngest-ever Latina to take company public [Video]

Jessica Alba becomes youngest-ever Latina to take company public

The Honest Company co-founder Jessica Alba made history on the New York Stock Exchange on Wednesday after becoming the youngest Latina to ever take a brand public.

Credit: Cover Video STUDIO    Duration: 00:55Published

Bitcoin Decentralized cryptocurrency

Bitcoin helps Tesla post record profits [Video]

Bitcoin helps Tesla post record profits

Tesla posted record quarterly profits, as its adjusted earnings reached the $1 billion mark for the first time. The sale of bitcoin contributed to almost a quarter of Tesla’s profitability. CNN’s Clare Sebastian reports.

Credit: Bleacher Report AOL    Duration: 01:33Published
‘Britcoin’, or the Bank of England’s Planned Rival to Bitcoin [Video]

‘Britcoin’, or the Bank of England’s Planned Rival to Bitcoin

‘Britcoin’, or the Bank of England’s Planned Rival to Bitcoin

Credit: Wochit News    Duration: 01:05Published

Nasdaq Nasdaq American stock exchange

Tech stocks have taken a hit. Here's why that could be a buying opportunity [Video]

Tech stocks have taken a hit. Here's why that could be a buying opportunity

As the Nasdaq trades lower, Lo Toney, founding managing partner at Plexo Capital, explains why he’s still bullish on tech shares.

Credit: Bleacher Report AOL    Duration: 02:08Published

Goldman Sachs Goldman Sachs U.S. multinational investment bank

FULL SHOW 3/31/2021: The jobs gap is deep, the stock market is high [Video]

FULL SHOW 3/31/2021: The jobs gap is deep, the stock market is high

ADP Chief Economist Nela Richardson discusses the latest jobs report and what it signals for the economy. Plus, Drunk Elephant Founder Tiffany Masterson on the skin care company’s cult following amid the pandemic. And Goldman Sachs’ Ashish Shah weighs in on the bond market.

Credit: Bleacher Report AOL    Duration: 19:13Published
Goldman Sachs analysts say they are enduring workplace abuse [Video]

Goldman Sachs analysts say they are enduring workplace abuse

About a dozen Goldman Sachs junior analysts say they are working more than 95 hours a week on average, sleeping just five hours a night and enduring workplace abuse according to a workplace survey. Paul R. La Monica reports.

Credit: Bleacher Report AOL    Duration: 02:07Published
Goldman Sachs to invest billions in Black women [Video]

Goldman Sachs to invest billions in Black women

A Goldman Sachs report shows Black American women hold 90% less wealth than White American men. As a result of the data, Goldman Sachs is investing $10 billion to change those disparities. CNN’s Poppy Harlow and Goldman Sachs Asset Management Global Head of Sustainability & Impact Margaret Anadu discuss how this will impact the Black community.

Credit: Bleacher Report AOL    Duration: 05:56Published

Tesla, Inc. Tesla, Inc. American automotive and energy company

Elon Musk 'SNL' Promo Promises 'Wild Card' Factor for Mother's Day Show

Here it is ... your first chance to judge Elon Musk's "Saturday Night Live" hosting skills, and he's leaning into the idea it could be total chaos. Or, just..
TMZ.com

Elon Musk Arrives in NYC with Family, Brainstorms 'SNL' Ideas with Paps

Elon Musk still doesn't seem to know what the heck's in store for his big debut on 'Saturday Night Live' ... and he's even resorted to asking photogs about what..
TMZ.com

Elon Musk Fields Ideas for 'SNL' Skits a Week Before Showtime

Well this is kinda awkward -- it's just 7 days until curtain call for Elon Musk and the 'SNL' team, and he's out here openly brainstorming skits on Twitter,..
TMZ.com
Watch Consumer Reports trick Tesla's Autopilot system [Video]

Watch Consumer Reports trick Tesla's Autopilot system

A deadly Tesla crash in Texas raised questions about Tesla’s Autopilot feature. Now, Consumer Reports has released a video showing how someone might trick the Autopilot system to operate without a driver.

Credit: Bleacher Report AOL    Duration: 01:38Published

Related videos from verified sources

Jim Cramer Explains What Cathie Wood Means for Coinbase [Video]

Jim Cramer Explains What Cathie Wood Means for Coinbase

Jim Cramer discusses ARK Innovation buying shares of Coinbase in its market debut.

Credit: The Street     Duration: 02:20Published
Coinbase CFO: We're an on-ramp to the crypto economy [Video]

Coinbase CFO: We're an on-ramp to the crypto economy

Coinbase Global is going public through a direct listing Wednesday, becoming the first cryptocurrency exchange on the stock market. CNN’s Julia Chatterley speaks with CFO Alesia Haas.

Credit: Bleacher Report AOL     Duration: 05:18Published