Well, that was fun.
In a decade of covering crypto, we can’t recall a week like that one. Coinbase (COIN) hit the public markets on Wednesday and triggered wall-to-wall media coverage, including flattering feature stories in outlets that usually treat Bitcoin like a dirty word, and hot takes a-plenty on business TV and social media.
The debut price of $381 shredded the Nasdaq-selected reference price of $250. Shares shot as high as $430, letting Coinbase enjoy a brief moment as a “centacorn” worth more than $100 billion. Then the bears crashed the party, sending shares down to $328 to close its first day, a 14% dip. The stock ended the week at $342.
The opening day initial pop and subsequent pullback has been the standard recipe for a parade of recent tech unicorn listings. But given the absurdly high expectations for Coinbase, the company’s debut went extremely well, even if it couldn’t hold on to that $100 billion valuation for more than a few minutes on Wednesday. It
Źródło: https://decrypt.co/66861/coinbase-goes-public-stock-7-lessons-learned
