On Wednesday, Coinbase became a publicly-traded company under the name COIN on Nasdaq. It is one of America’s most used crypto exchanges and has influenced the American space towards digital asset adoption. The firm is one of the earliest companies that joined the digital asset space, and since it announced that it was going public, people have been anticipating its plans towards that effect.
Despite many obstacles Coinbase faced, it finally went public early this week through a direct listing. Anthony Scaramucci said many things concerning the listing, including the banks’ low response to the company’s recent listing. It is presently under the Nasdaq as stock, and its price grew at an unexpected rate on its first day of trading.
Scaramucci expresses surprise over banks
Scaramucci, an executive at Skybridge, explained that he was surprised not to see much response from banks over the past event. He clarified that he is shocked that banks did not see it as a wake-up call, like Netscape IPO. The crypto enthusiasts explained on CNBC that Coinbase’s link with Bitcoin, especially after the asset, has had impressive growth over the past few months.
Scaramucci opined that Bill Gates thought the internet was a fad. He revealed that Microsoft saw changes in Netscape, which led to his move to pump billions of dollars into Internet Explorer’s creation.
Internet Explorer is Microsoft’s browser and has declined in usage over the years as competition became very high. The expert added that he is amazed that commercial banks and people like Jamie Dimon are not investing in another Coinbase clone. Skybridge’s founder is not the only one who has similar beliefs as Michael Novogratz.
Novogratz is the Chief Executive Officer at Galaxy Digital, and the expert linked Netscape’s entry similar to Coinbase’s listing on Nasdaq. The entrepreneur believes that more crypto-based companies have to go public to ensure adoption.
Coinbase retrace above $300
Digital asset adoption has been on the increase for the last few days, and this is because of some sudden growth from one of the space’s most used assets, such as Bitcoin, Ethereum, and others. Scaramucci revealed that he purchased some Coinbase stocks and opined that it was a seminal event.
The expert noted that the way the stock is trading is similar to how Google and Facebook traded when they first went public. He believes that people would look at the performance of the stock and determine the possible increase over the next few years.
Coinbase traded as high as $429 when it first went public as massive demand for growth stocks. However, this was short-lived as the asset declined not quite long after and is currently around $340. Traders are of the opinion that the asset is quite new and it would take time before experts are able to predict where it would go next.
The stock is currently one of the hottest assets due to its link with Bitcoin, being one of the greatest performers in the last few months. Demands for COIN would likely continue as other related firm share expansion plans.