A day before its IPO on April 14, cryptocurrency exchange Coinbase Global’s reference price was US$250 ($333.97), valuing the company at a market capitalisation of US$65.3 billion. Fund managers and investors expect Coinbase to be valued (eventually) at US$100 billion. As it turns out, this benchmark was exceeded temporarily. On listing, Coinbase’s trading was volatile, rising to US$381 per share on opening, but closing at US$328.28 after climbing to a high of US$429.54. The closing price values the company at US$86 billion.

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