The mobile phone icon for the Coinbase app is shown in this photo, in New York, Tuesday, April 13, 2021.
Coinbase employees gather outside the Nasdaq MarketSite during the company’s IPO, in New York’s Times Square, Wednesday, April 14, 2021.
Coinbase employees celebrate outside the Nasdaq MarketSite, in New York’s Times Square, Wednesday, April 14, 2021.
Costumed characters pass the Nasdaq MarketSite during the Coinbase IPO, in New York’s Times Square, Wednesday, April 14, 2021.
The San Francisco-based company’s listing on a public stock exchange is seen by some as an inflection point for digital currencies, as Coinbase’s fortunes are closely tied to Bitcoin, the most popular cryptocurrency.
Coinbase’s value is close to the combined market value of Nasdaq Inc., which runs the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange.
Founded in 2012, Coinbase became popular among cryptocurrency fans by providing them with an easier way to exchange shares of Bitcoin and other digital currencies.
Still, even as more companies warm up to digital currencies, there are many doubters.
If Bitcoin or Ethereum prices drop, the commissions Coinbase earns drop as well, giving it some exposure to the digital currencies’ rise and fall.
That means it avoided the typical agreements with big banks that would buy thousands of shares and promote them.
Coinbase is going public at a time when chatter about cryptocurrencies is everywhere, even at the United States Federal Reserve.
Wall Street will be focused on Coinbase Wednesday with the digital currency exchange becoming a publicly traded company.