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Data: FactSet; Chart: Axios Visuals

Coinbase's highly anticipated public listing finished with a bit of a whiff.

What happened: Cryptocurrency exchange platform Coinbase initially blew past a $100 billion valuation — more than Target, Zoom or CVS (for context) — before ending the day around $86 billion.

  • It's still triple the market cap of Nasdaq, which owns the exchange where Coinbase is now listed.

In the meantime: Prices of bitcoin and meme cryptocurrency Dogecoin soared to record highs Thursday.

🎧 New episode of Axios Re:Cap ... Coinbase president Emilie Choi on mainstreaming crypto. Listen here.

Go deeper

Apr 14, 2021 - Podcasts

Coinbase president Emilie Choi on mainstreaming crypto

Coinbase plans to go public on Wednesday, in a watershed moment for the cryptocurrency industry.

Axios Re:Cap speaks with Coinbase president and COO Emilie Choi about how she thinks about crypto, why Coinbase eschewed a traditional IPO and if we’re ever going to use bitcoin to buy a cup of coffee.

Cryptocurrency giant Coinbase heads to Wall Street

Illustration: Annelise Capossela/Axios

Coinbase, the country's largest cryptocurrency exchange, is expected to go public today at what could be a valuation north of $100 billion.

Why it matters: This gives crypto a Wall Street seal of legitimacy, after an early existence marred by ties to illicit goods.

What to watch as Wall Street prepares for blockbuster Coinbase listing

Illustration: Eniola Odetunde/Axios

Cryptocurrency will come to Wall Street like never before when Coinbase becomes a publicly-traded company on Wednesday.

Why it matters: The listing could value the company at upwards of $100 billion.