Coinbase’s reference price is set at $ 250 as it prepares to go public on Wednesday

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Coinbase, one of the first cryptocurrency exchanges to go public, will begin trading on Wednesday with a reference price of $ 250 per share, giving the company a valuation of nearly $ 50 billion. The Nasdaq Stock Market determined and announced the price on Tuesday, ahead of the expected public stock market debut of Coinbase, the largest San Francisco-based cryptocurrency exchange, under the symbol “COIN.”

Coinbase’s listing comes after bitcoin BTCUSD, -0.01% on Tuesday, surged to a record $ 63,000, and as the digital currency becomes increasingly common. Last month, companies like PayPal Holdings Inc. PYPL, + 2.38% and Tesla Inc. TSLA, + 8.60% announced that they would allow the purchase of bitcoins. Earlier this year, Bank of New York Mellon said it would offer the same services for bitcoin and other cryptocurrencies as it does for more traditional financial holdings. See: Bitcoin rises as Elon Musk says Americans can now use it to buy a Tesla Coinbase, whose users primarily trade bitcoin and ethereum, reported last week that its revenue shot 847% in the first quarter to $ 1.8 billion , and that now it has. 56 million verified users. Reference prices for direct listings are based on private market trading prices prior to companies’ public listing filings with the Securities and Exchange Commission. Direct listings differ from IPOs because there is no capital raised, on which the dollar figures of the shares in an initial public offering are based. A reference price does not determine where the stock will open. At $ 250 a share, Coinbase’s fully diluted valuation would be $ 65.3 billion. Read: Coinbase CEO Charity Recruits ‘Ambassadors’ to Help Donate Crypto