Coinbase (COIN) Soars 52% in Public Debut

April 14, 2021 1:26 PM EDT

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Today's direct listing IPO for Coinbase (NASDAQ: COIN) opened for trading at $381 after setting a reference price of $250.

The opening puts the valuation of the company at about $100 billion.

In new coverage Tuesday, MoffettNathanson analyst Lisa Ellis said "Coinbase has enormous scarcity value as a one-of-a-kind, pure expression of the secular cryptocurrency trend." The analyst has a Buy rating and a $600 price target.

Last week, Coinbase announced stellar first-quarter numbers. The company announced that it now has 56 million verified users as of March 31, 2021, up from 43 million at the end of 2020. Further, the total revenue was approximately $1.8 billion during the quarter, which is more than the $1.28 billion reported for ALL of 2020 and up 944% from the first quarter of 2020.

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