More than 1700 Coinbase employees received shares as a “Thank you” ahead of the much-anticipated company’s listing in the NASDAQ Exchange on Wednesday 14th of 2020.
Each full-time employee received 100 shares as a result of the giveaway, which included employees all around the world. As each share is valued at $250based on the reference price set by NASDAQ on Tuesday, the gift should be worth around $25k depending on the actual price once the trading starts.
The gift was announced to employees back on March 25th as a grant free of any kind of strings, allowing the receivers to sell them immediately after the listing or to hold them for as long as they wish.
Coinbase employees have also been able to acquire shares in recent years, with over 105k share options being already handed out until today. The company is a leading crypto company in the USA, and this move to go public will likely make it one of the top crypto companies globally.
The direct listing method chosen by Coinbase means that shares will only be available for purchase directly from current holders, which means that the number of existing shares will not be diluted once the trading starts and no other source will be available.
NASDAQ Set Coinbase Share’s Starting Price at $250
Nasdaq, in collaboration with Goldman Sachs, published an Equity Trader Alert on April 13th setting Coinbase sharer’s reference price at $250.
While this price will surely impact the price at which the shares will be traded on their first day, it is possible for the price of the shares to be significantly higher or lower depending on the whims of the market.
The valuation of the shares, which will go by the ticker symbol COIN, places the valuation of Coinbase around $66.5 Billion. Earlier estimations by experts placed the valuation of the company somewhere around $90 and $104, significantly higher than the valuation resulting from NASDAQ’s reference price.
However, when compared with the valuation of the company resulting…