Coinbase direct listing (2021)
Coinbase, the largest U.S. crypto exchange, went public through a direct listing on the Nasdaq. It opened near a $100 billion valuation, the first big crypto-native firm to trade on a major U.S. exchange.
The stock spiked on debut, then fell sharply as crypto prices dropped later that year.
Coinbase became a proxy for the whole crypto market, its shares swinging with token prices rather than its own fundamentals.
Securitize is the first tokenization firm to list, and like Coinbase its stock may be read as a bet on an entire sector, not one company.
