Brian Armstrong

Major cryptocurrency exchange Coinbase settled at an $85 billion valuation following its first day of public trading on Nasdaq, per The Wall Street Journal.

“Shares of Coinbase, the first major bitcoin-focused company to test the U.S. public market, opened at $381 on the Nasdaq Global Select Market,” according to the report. “They rose as high as $429.54 in the first few minutes of trading and ended the session at $328.28.”

Coinbase had set a reference price of $250 the day before, but the session-ending share price multiplied by the 261.3 million shares of common stock gave it a valuation of a little more than $85 billion.

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