Photo / APCoinbase made a rousing debut on Wall Street Wednesday, with the digital currency exchange's rising as high as US$429, briefly giving it a market value over US$100 billion (NZ$139 billion). That market value makes Coinbase one of the biggest publicly traded US companies — just 83 companies in the S&P 500 index have market values above $100 billion. Coinbase's value is greater than the combined market value of Nasdaq, which runs the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange. So if someone buys $100 in Bitcoin, Coinbase earns 50 cents. Trainer last week put a valuation on Coinbase closer to $18.9 billion, arguing it will face more competition as the cryptocurrency market matures.

Source: New Zealand Herald April 14, 2021 20:12 UTC