Coinbase's first day on Nasdaq ends with an $85.7 billion valuation

Crypto exchange Coinbase has reached the end of its first day of public trading.

The firm's stock closed out Wednesday's trading session at a price of $328.28 following its direct listing on Nasdaq. Accounting for the fully diluted capitalization of 261.3 million shares of common stock, that pegs Coinbase's end-of-day valuation at approximately $85.7 billion. Based on the total number of shares outstanding, 199.2 million, Coinbase's valuation comes in at about $65.4 billion.

As shown in the chart below, the price of $COIN swiftly rose above the $400 level, hitting a session high of $429.54 after opening at $381 -- significantly above the $250 initial reference price announced Tuesday. 

Coinbase hit a low of $310 during the final hour of trade, reaching $328.28 at 4 p.m. ET. As of the time of writing, $COIN is trading hands at approximately $332 after-hours.

Notably, Coinbase's market close makes it the largest direct listing ever, eclipsing the performance of Palantir, Spotify and Roblox, as shown in the chart below.

 

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