Last week, we talked about a cryptocurrency exchange that managed to enter the list for the first time in stock exchanges history. While the Coinbase exchange exceeded the $ 100 billion market value, it also stimulated the crypto market. However, the post was not very good.
NASDAQ While it reached the level of $ 430 in the first hours of its opening on the stock exchange, its market value was 112 billion dollars. The trade volume in the first 24 hours had exceeded $ 3.2 billion. Many sources thought Coinbase would set an important example.
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However, even the management itself did not believe in this success. COIN during the hours when his shares climbed to the top CEO and general manager it turned out that some executives, including those, sold almost all of their shares. In addition, before the listing, the partnership funds have removed all their shares.
Shares hit $ 320 from the summit, then recovered to $ 340.Investors who live with the definition of “high-end” in the investment world are angry. It is said that Coinbase especially preferred the direct listing method and wanted to evaluate the wind in the crypto money market recently.
It may seem normal that the Coinbase administration made sales of about $ 4.5 billion, but this figure could have doubled with the further increase of the shares. Their desire to leave the ship as soon as possible caused a reaction. The performance of the shares this week will be decisive in understanding the course.