Thursday, October 9, 2025

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Coinbase Receives Nasdaq Reference Price of $250 Per Share Ahead of Public Debut

Ahead of the highly-anticipated direct listing of Coinbase, Nasdaq gave the major cryptocurrency exchange a reference price of $250 per share.

Coinbase is poised to become the first large-scale US crypto company to go public, and has the potential to become one of the 85 most valuable businesses in the country. Nasdaq’s suggested reference price of $250 per share would put the company’s market capitalization at $65 billion, given the 261.3 fully diluted shares that remain outstanding. However, this is significantly below the $90 billion value noted early last month, when Coinbase shares traded on the Nasdaq Private Market auction.

Indeed, it could be possible that the price was set artificially low in order to ignite buying and to push the stock significantly higher following its public debut. Despite the reference price appearing seemingly low, CNBC points out that in the past five major direct listings on the New York Stock Exchange— including Slack, Roblox, Spotify, Asana, and Palantir— equities had an opening price that averaged approximately 37% higher than the reference price.


Information for this briefing was found via Nasdaq and CNBC. Thee author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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