Uber-popular cryptocurrency exchange Coinbase Global Inc was set to be valued at more than $91 billion in a stock market debut on Wednesday that marked another big milestone in the development of bitcoin and other digital assets.
According to data compiled by Reuters, at 10:21 a.m. ET, the company’s stock was indicated to open at $350, up 40% from a reference price of $250 per share, making its implied value more than three times that of exchange operator Nasdaq.
The listing, launched directly to investors instead of through a traditional IPO process run by banks, marks a victory for digital currency advocates in a year that has seen a clutch of mainstream, top-tier firms dive into the space.
The San Francisco-based firm’s value has surged in line with bitcoin’s own huge gains: the world’s best known digital currency hit a record of $62,741 on Tuesday.
In a direct listing, no shares are sold ahead of the debut and the company lists directly on the exchange. U.S. gaming platform Roblox Corp also went public through a direct listing last month.
Coinbase had confidentially filed paperwork to go public in December.