Coinbase (COIN) direct listing IPO reference price set at $250

April 13, 2021 4:53 PM EDT

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(Updated - April 13, 2021 5:03 PM EDT)

The Coinbase (NASDAQ: COIN) direct listing IPO reference price was set at $250 ahead of tomorrow's listing on the NASDAQ.

Ahead of the listing, two Wall Street analysts launched coverage on the leading cryptocurrency exchange - both with Buy ratings. The average price target is $520.

In new coverage today, 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.

As of April 12, 2021, there are 130.7 million shares of Class A common stock outstanding and 68.5 million shares of Class B common stock outstanding.

Coinbase also announced that, as of April 12, 2021, Coinbase had a fully diluted capitalization of 261.3 million shares of Common Stock.

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