a week after preliminarily reporting a ninefold increase in first-quarter revenue to an estimated $1.8 billion. The company closed the day with a market cap of nearly $86 billion.
Crypto evangelists say the long-term value of Coinbase will come from a shift in the structure of finance and online marketplaces.Jill Carlson, venture partner at Slow Ventures, said it all comes back to growth. "The name of the game is absolutely growth, growth, growth here, and I think on top of that you also have to look at just the dynamics around the stock. It has sort of meme stock potential on the retail side, and then for a lot of institutions, this is going to be their first ability to have a real foray into the crypto space, for a lot of institutions that have been blocked out of buying bitcoin, but I do think it comes back to growth.
Michael Novogratz, chairman and CEO of Galaxy Digital, explained the importance of Wednesday's debut. "This is like the Netscape moment for the crypto currency economy. Remember Netscape in 1995, four years before we had this crazy frenzy, basically signaled the beginning of the internet age. This is a really important day for the whole crypto world. This is saying this is an asset class and it's an asset class that's here to stay. And so, listen, it's somewhat irrelevant where Coinbase trades today.
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