Coinbase Global lived up to the hype. Shares of the cryptocurrency exchange rose nearly 32% Wednesday, valuing Coinbase at nearly $86 billion.
Alkami Technology, Wednesday’s other IPO, rose 43.33%.
Coinbase’s (ticker: COIN) stock opened at $381, peaked at $429.54 and then dropped. Shares closed at $328.28, up 78.28% from Coinbase’s $250 reference price. Nasdaq issued the $250 reference price on Tuesday.
With 261.3 million diluted shares outstanding, Coinbase now has a market capitalization of about $86 billion. This is bigger than much older exchanges like the Intercontinental Exchange (ticker: ICE), parent of the New York Stock Stock Exchange, which has a $67 billion market cap. Or the Nasdaq (NDAQ) which has a $26 billion market cap.
Founded in 2012, Coinbase is the largest U.S. cryptocurrency exchange, with 56 million verified users in the first quarter. Its online platform allows users to buy, sell, transfer, and store Bitcoin and other digital currencies. Last week, Coinbase unveiled a tremendous first quarter, with total revenue expected to rise 847% to about $1.8 billion.
Alkami Technology (ALKT) also posted a strong first-day performance. The stock kicked off at $41.26 and peaked at $49.32. Shares ended at $43, up 43.33% from its $30 IPO price.
On Wednesday, Alkami raised about $180 million after selling 6 million shares at $30 each, above its expected price range. The Plano, Texas, company initially filed to sell 6 million shares at $22 to $25, which it boosted to $26 to $28 earlier this week. Alkami will trade on the Nasdaq under the symbol ALKT.
J.P. Morgan, and
are the underwriters on the deal.
Founded in 2009, Alkami seeks to level the playing field between smaller banks and larger financial institutions. The company provides a cloud-based digital banking platform that lets its clients—small banks and credit unions—offer retail banking services like account balances, transfers and bill pay as well as financial wellness, fraud protection and marketing. In September, Alkami said it neared 10 million digital users.
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