Coinbase began trading on the Nasdaq via direct listing, giving the cryptocurrency industry its most conventional milestone yet: a marquee U.S. public company. Shares opened well above the reference price, briefly valuing the exchange near $86 billion on a fully diluted basis.

The listing capped an extraordinary run for digital assets during the pandemic bull market, and validated a business model built on retail trading fees during a period of surging volumes. It also handed venture backers — most prominently a16z and Union Square Ventures — a defining exit.

The choice of a direct listing over a traditional IPO underscored Coinbase's confidence and cash position: no new capital was raised and no underwriting syndicate priced the deal. Existing holders sold directly into the market.

The debut would later look like a cycle marker. As rates rose and crypto prices cratered through 2022, Coinbase's stock fell sharply from its first-day highs — a reminder that fee-driven exchanges live and die with the volatility of the assets they list.