Bitcoin continues to break record highs, a must-know before Coinbase's listing! COIN opening time, possible opening price, stock airdrop.

Coinbase is set to become the first pure cryptocurrency exchange to be listed as a public company tonight, and it will do so directly on Nasdaq. There are mixed opinions on its stock, COIN, with some bullish and others bearish, but it is anticipated that its performance will undoubtedly have an impact on the overall cryptocurrency market. Prior to its listing, Bitcoin has been breaking new highs, and the market is hot. What can we expect from Coinbase's listing?

What is Coinbase: Veteran U.S. Spot Exchange with a Strong Q1 Performance

Coinbase was co-founded in 2012 by Brian Armstrong and Fred Ehrsam, with Brian Armstrong currently serving as the CEO. The exchange is one of the largest cryptocurrency spot exchanges in the world.

In the first quarter of 2021, it made a profit of $1.8 billion, doubling from the previous quarter; currently boasting 56 million registered users.

For more on Coinbase's growth, see: "Explaining Coinbase's 2021 Q1 Growth: Surging Profits, Will There Be a Token Effect?"

When will CoinbaseCOIN be listed?

Coinbase's stock will be listed on Nasdaq on the evening of April 14, GMT+8 Taiwan time. The U.S. stock market opens at 9:30 p.m. Taiwan time, and the specific listing time for COIN is yet to be determined.

Looking at a similar direct listing case, last October, data software company Palantir opened for trading after 1:30 p.m. Eastern Time, which is 1 a.m. Taiwan time.

Review of Palantir PLTR's opening performance:

Market Valuation: Listing Floor at 250, Predicted Market at 580

Before going public, Nasdaq announced a reference price of 250 for CoinbaseCOIN, equivalent to a valuation of $65.3 billion. Earlier rumors speculated a valuation of $70-100 billion in the Nasdaq private stock market.

FTX launched the pre-listed stock market for Coinbase before its listing, with the code CBSE and a total issuance of 250 million shares. As Coinbase is directly listed tonight, FTX expects the number of shares to increase to 261.3 million, leading to a stock adjustment: CBSE=1.0452 COIN, relaunching the COIN/USD trading pair. Announcement: https://bit.ly/3uN449F

As of the deadline, FTX's predicted market price is 580, equivalent to an estimated Coinbase valuation of $151.554 billion.

In addition, after launching stock tokens, Binance will also open the COIN spot market on the evening of the 14th.

However, there is much discussion in the market that Coinbase may underperform expectations. The main argument is that Coinbase generates most of its revenue from trading fees, and its revenue is significantly affected by the performance of the crypto market. Despite its strong performance in a bull market, there are doubts about whether it can consistently maintain high revenue or generate greater profits from other businesses.

If the result falls below the predicted market valuation, the projection effect of Coinbase on its platform token may trigger a pullback due to over-expectation.

CNBC provides a possible outcome, where they analyzed the opening performance of Spotify, Slack, Palantir, Asana, and Roblox, which had an average of 37% above the reference price when they directly listed on the NYSE. In this case, COIN's opening price could be 343, reaching a market value of $89.6 billion.

Stock Airdrop: Full-time Employees Receive 100 Shares

According to reports from Irish media Business Post, internal sources revealed that all full-time Coinbase employees will receive 250 shares, which, based on the lowest reference price, is worth $25,000. Later, a Coinbase spokesperson confirmed this news, stating it is a gesture of appreciation to employees.