Coinbase became the first cryptocurrency-related company to exceed a $100 billion market capitalization.
Coinbase reached the milestone when it began trading publicly on the Nasdaq in April 2021. Rather than using a conventional initial public offering, the cryptocurrency exchange entered the market through a direct listing, allowing existing shareholders to sell shares without the company issuing a traditional batch of new IPO shares.
The debut gave investors a publicly traded way to gain exposure to a major cryptocurrency exchange. Coinbase operates a platform for buying, selling, transferring, and storing digital assets, although its results are strongly affected by trading activity and cryptocurrency prices.
A $100 billion market capitalization is a valuation of the company’s equity, not the value of all cryptocurrencies held by its customers. Coinbase’s share price later moved substantially, illustrating how quickly market values in the cryptocurrency sector can change.