Coinbase shares began trading at $381 a share, a more than 50% jump from the reference price for its stock of $250 a share. The stock quickly surged to a high of nearly $430 before pulling back to close at about $328 -- an increase of just over 30%.The company listed its shares directly on the Nasdaq, as opposed to selling new stock through an initial public offering. That's also how Roblox, Palantir and Spotify went public.
The IPO also turned Coinbase CEO Brian Armstrong into a mega-billionaire. At Wednesday's closing price, his 39.6 million shares are worth just under $13 billion. Bitcoin prices have also gotten a lift thanks to investments from big companies like Elon Musk's Tesla and MicroStrategy as well as endorsements for the cryptocurrency space by large financial firms such as MasterCard, PayPal and Bank of New York Mellon.
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