As Bitcoin rallies, Coinbase stock surpasses its initial listing price.

With Bitcoin hitting a new all-time high, Coinbase's stock price has exceeded its initial direct listing price for the first time in more than two years.

Maurine Lind

March 09, 2024

1Min Read

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Crypto

The beginning price per share for the most well-known U.S. cryptocurrency exchange when it went public in 2021 through a direct listing was $250. The stock rose sharply at first, peaking in November 2021 at $350 per share. It did, however, end its first year of business with a 38% loss.

In the next years, Coinbase's stock suffered as the Bitcoin industry cooled and SEC regulatory scrutiny increased. But Coinbase has seen a significant upturn in the last year, in part because of the increase in the price of Bitcoin and the SEC's approval of spot Bitcoin ETFs. Coinbase's stock value has increased by more than 300% over the last 12 months as a result.

Although Coinbase is not the only business profiting from the current bull market, the company's shares increased by more than 5% today following the last bull run that saw Bitcoin reach a new peak of $70,000. The biggest Bitcoin holder, Microstrategy Inc., has raised its shares by 113% during the last 30 days. Because of its strong correlation with Bitcoin mining, NVIDIA's stock also increased by more than 20% this month.

Even with Coinbase's most recent success, early investors who have held onto their shares from the start might not feel fully justified. The stock of the corporation had fallen by 86% by the end of 2022.

Still, Coinbase's stock has been rising in tandem with the cryptocurrency industry. Despite recent technical problems on Coinbase's site, where some customers reported seeing zero balances, the surge has occurred.