Coinbase Valuation Hits $110 Billion After Opening. Alkami Has Solid First Day, Too.
Coinbase is the largest U.S. cryptocurrency exchange, with 56 million verified users in the first quarter.
Tiffany Hagler-Geard/Bloomberg
Coinbase Global lived up to the hype. Shares of the cryptocurrency exchange jumped to $419.93 a share within minutes of opening, up nearly 68% from Nasdaq’s $250 reference price.
Alkami Technology, Wednesday’s other IPO, rose as much as 64%.
Coinbase’s (ticker: COIN) stock opened at $381 and recently changed hands at $419.93. Nasdaq issues its reference price on Tuesday.
With 261.3 million diluted shares, Coinbase now has a market capitalization of about $110 billion. This is bigger than much older exchanges like the Intercontinental Exchange (ticker: ICE), parent of the New York Stock Stock Exchange, which has a $67 billion market cap. Or the Nasdaq (NDAQ) which has a $26 billion market cap.
Founded in 2012, Coinbase is the largest U.S. cryptocurrency exchange, with 56 million verified users in the first quarter. Its online platform allows users to buy, sell, transfer, and store Bitcoin and other digital currencies. Last week, Coinbase unveiled a tremendous first quarter, with total revenue expected to rise 847% to about $1.8 billion.
Alkami Technology (ALKT) also posted a strong first-day performance. The stock kicked off at $41.26 and peaked at $49.32. Shares recently changed hands at $45, up 50% from its $30 offer price.
On Wednesday, Alkami raised about $180 million after selling 6 million shares at $30 each, above its expected price range. The Plano, Texas, company initially filed to sell 6 million shares at $22 to $25, which it boosted to $26 to $28 earlier this week. Alkami will trade on the Nasdaq under the symbol ALKT. Goldman Sachs, J.P. Morgan, and Barclays are the underwriters on the deal.
Founded in 2009, Alkami seeks to level the playing field between smaller banks and larger financial institutions. The company provides a cloud-based digital banking platform that lets its clients—small banks and credit unions—offer retail banking services like account balances, transfers and bill pay as well as financial wellness, fraud protection and marketing. In September, Alkami said it neared 10 million digital users.
Write to Luisa Beltran at [email protected]
