San Francisco-based cryptocurrency company Coinbase made its highly anticipated debut on the U.S. stock exchange on Wednesday. The company listed its shares on the Nasdaq as $COIN. Shares in the company opened at $381 and shot up as high as $429.54.
Coinbase listed its stock directly, which allowed for its employees and existing shareholders to sell their shares immediately and at a market-based price. The decacorn ended the day with a staggering valuation of $85.7 billion, according to the New York Times.
Founded in 2012, the exchange platform helps nearly 56 million users trade numerous cryptocurrencies including Ethereum, Litecoin, Bitcoin Cash and XRP.
“We’ve had a number of ups and downs on our way here. Through luck and skill, Coinbase succeeded where many predicted it would fail,” Brian Armstrong, CEO of Coinbase, said in a statement. “We weathered the ups and downs through innovation and keeping our eye on the long term.”
The crypto-exchange company closed the day with a market cap of about $62 billion, according to CNBC.
“We’re still in the early days of this industry, but we’re squarely focused on the future, on our mission, and on building the best crypto experiences,” Armstrong continued.
Coinbase has raised a total of $847.3 million in venture capital financing to date, according to Crunchbase. The company is now hiring for over 100 open positions across nearly every department.
