THE world’s largest cryptocurrency exchange surged past oil giant BP to $112 billion on its first day of trading yesterday.
Coinbase, which crypto fans use to buy and sell currencys such as Bitcoin, opened shares at $381 on the Nasdaq – a steep increase from the $250 reference price.
And it only grew from there, rising as high as $429 in its first few minutes of trading before stabilising.
At $112 billion the company is now worth more than traditional banks such as Barclays, HSBC and Standard Chartered and could surge again today when stocks reopen.
Coinbase was last valued at just $8bn during a 2018 round of fundraising, according to the Wall Street Journal – so there are going to be plenty of people who’ve suddenly become extremely wealthy.
It comes as Dogecoin, a cryptocurrency essentially based on a meme, surged in price today and got a boost from Tesla CEO Elon Musk when the tech founder tweeted a gif of the dog featured in the meme.
The virtual currency surpassed 10 cents for the first time in the last 24 hours, and currently sits at about 13 cents.
Musk, 49, tweeted a gif of a Shiba Inu dog — the “face” of the cryptocurrency — early this morning, causing its value to spike further. In the past, the SpaceX founder has posted about Dogecoin and its value increased.
The virtual “money” started as an internet parody more than seven years ago, according to CNN, but has since become a legitimate digital currency.
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