On the day when bitcoin rallied for a new all-time high, Coinbase, which is the largest cryptocurrency exchange in the United States, went live. It came up with a direct listing on Nasdaq. After the beginning with $381, the share of the crypto exchange-traded above the level of $400 and then reduced down to $300s. Despite this, COIN is now much up with 55%, which is adding more value to this US crypto giant, dwelling under the level of $100 billion.

Coinbase, which is having no official headquarters, came up with the decision to forego an initial public offering. It started listing the shares on the Nasdaq stock exchange directly, rather than depending on the Wall Street investment banks that opted for setting the price.

Analysts, traders, and economists addressed the stock sale as a watershed moment for cryptocurrencies because the largest US exchange is now having its access to the mainstream stock-market investors. The conference is now being dubbed as a “catalyst” for digital asset adoption.

Coinbase is now going to have a market capitalization of $76 billion, which is based on the most recent exchange pricing having an outstanding amount of 199.2 million shares. It is using a completely diluted share, counting about 261.3 million, along with a total of being $99 billion, according to the report of Coindesk.

According to the regulatory filings, this San Francisco-based company is having 56 million users worldwide. It is coming with an estimated range of $223 billion assets on the website, which is now accounting for 11.3 % of the crypto assets in the market share.

Right after the US regulators charged the associated blockchain company, Ripple, with $1.3 billion of the unregistered stock offering, Coinbase has suspended the trading of the big digital currency, XRP, since the last year. The allegations are now, however, refuted by Ripple. After weeks of anticipation, Coinbase has now opted for its direct listing announcement on Nasdaq; trading on the COIN stock has already started.

Bitcoin, which is the most valuable cryptocurrency in market capitalization, soared to a new all-time high above the level of $64000 on Wednesday before it slipped down to $63500. Ether, which is the native cryptocurrency of Ethereum blockchain and the second largest one, is also hitting a new high near $2400.

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