Coinbase became the first cryptocurrency-related company to enter the US$100 billion market-cap range.
Coinbase reached that approximate valuation during its direct listing on Nasdaq on April 14, 2021. Its reference price was US$250 per share, but the stock opened at US$381 and briefly reached US$429.54, producing a valuation above US$100 billion on a fully diluted basis.
The company operates a cryptocurrency exchange and related financial infrastructure. Unlike a traditional IPO, a direct listing allows existing shareholders to sell shares directly on the exchange without the company issuing a conventional block of new shares.
The valuation was especially notable because Coinbase became a major public-market proxy for the cryptocurrency industry. Its market capitalization later fluctuated sharply as crypto prices, trading activity, regulation, and investor expectations changed.