Coinbase Global seesawed on Thursday following a volatile trading debut, with momentum building around the stock even as some in the market struggled to place a value on the biggest US cryptocurrency exchange.

After initially spiking as much as 6.4%, a choppy session saw shares close down 1.7% at US$322.75 ($430.90). Nearly 40 million shares changed hands in Thursday’s session, making it among the most actively traded companies with a market value above US$25 billion.

While the exchange’s US$64 billion valuation tops the likes of Capital One Financial Corp and Analog Devices, it’s a far cry from US$112 billion hit in its debut. Unlike traditional IPOs, where banks help set the company’s value, Coinbase’s direct listing leaves that up to market participants, helping contribute to a stock’s volatility.

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