![]() Reuters' Niket Nishant in Bengaluru, and Tom Wilson and Anna Irrera in London contributed to this story.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. View details Research that delivers an independent perspective, consistent methodology and actionable insight Related Research Analyst Report: Coinbase Global, Inc. regulators charged associated blockchain firm Ripple with a $1.3 billion unregistered securities offering. Regulatory risks also loom, others said, as Coinbase increases the number of digital assets users can trade on its platform.Ĭoinbase last year suspended trading in major digital currency XRP after U.S. "When the price of bitcoin goes down, it's inevitable that Coinbase's revenue and inherently the price of the stock will decline as well." Shares in Adnoc L&S opened at 2.91 dirhams on Thursday, up from the offering price of 2.01 dirhams, which was the top of a marketed range. "The correlation to bitcoin will be very high after the stock stabilizes after listing," said Larry Cermak, director of research at crypto website The Block. Before the listing, Nasdaq set a reference price of US. In the first quarter of the year, as bitcoin more than doubled in price, Coinbase estimated revenue of over $1.8 billion and net income between $730 million and $800 million, versus revenue of $1.3 billion for the entire 2020. On April 14, 2021, Coinbase became a public company on the Nasdaq exchange via a direct stock listing. The company's most recent financial results underscore how revenues have surged in lock-step with the rally in bitcoin trading volumes and price. The world's biggest and best-known cryptocurrency hit a record of over $63,000 on Tuesday and has more than doubled in value this year as banks and companies warmed to the emerging asset.
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