Crypto firm Coinbase valued at more than oil giant BP
April 15, 2021 10:56 am
Coinbase staff in New York ahead of the crypto firm's listing on the Nasdaq. [Source: BBC]
Cryptocurrency firm Coinbase, which runs a top exchange for Bitcoin and other digital currency trading, hit a market value of nearly $100bn (£72.5bn) in its stock market listing.
Shares debuted on the Nasdaq at a price of $381 but later closed below $330.
The initial valuation put Coinbase ahead of many well-known firms, such as oil giant BP and key stock exchanges.
The listing was seen as the latest step toward cryptocurrencies gaining wider acceptance among traditional investors.
The price of Bitcoin surged more than 300% last year – and has climbed even higher in 2021 – as firms including Tesla, Mastercard and BlackRock unveiled plans to incorporate digital currencies into their businesses.
It hit a record of more than $63,000 on Tuesday, ahead of the Coinbase listing.
Less well-known digital currencies have also made gains with Dogecoin, which was created as a joke, rising more than 70% to more than 13 cents.