What Happened:
Coinbase Global Inc (NASDAQ:COIN) closed its first day of trading as a public company at a valuation of $85.7 billion.
The crypto exchange’s massive valuation eclipsed all other direct listings, including
Roblox Corp (NYSE:RBLX),
Spotify Technology SA (NYSE:SPOT), and
Palantir Technologies Inc (NYSE:PLTR), becoming the largest direct listing to date.
Why It Matters: While this was surely a monumental moment for the entire crypto industry, the company, which was launched out of a two-bedroom apartment, is an all-around success story.
Apart from Coinbase’s founders and internal stakeholders, the key beneficiaries of this success story were the company’s earliest investors, with some making 8000 times their initial investment.
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