The Nasdaq is all set to start trading options for Coinbase Global after the resounding success of listing on the largest crypto exchange in the U.S. According to yesterday’s reports, a representative for Coinbase stated that the COIN.O options will start trading on Nasdaq on 20th April 2021.
Equity Options for Coinbase Global on Nasdaq
The launch of equity options will facilitate alternative ways for investors to bet on. The equity options do not represent the obligations to trade in stock at a certain price. The price is known as the strike price before the expiration date.
From the latest, direct listing on Coinbase, it is seen that the firm’s stock fluctuated between a valuation of $429.54, and $310 on its first day of trading.
It is estimated that Coinbase Chief Executive Brian Armstrong sold around $292 million in shares on COIN on the very first day of trading. Given that the filings were made with the U.S. Securities and Exchange Commission, Armstrong sold 749,999 shares in three batches at prices ranging from $381 to $410.40 per share for total proceeds of $291.8 million. However, this works out at less than 2% of his total holdings.
Addition of New Trading Pairs
According to reports the insiders and executives have dumped multi-billions in days after the listing. Filings on the Investor Relations website showed a total of 12,965,079 shares were sold by insiders, worth over $4.6 billion at COIN’s $344 share price at close on Friday.
Another report says that the stock has slumped 22.5% from a high of $429.54 on April 14, to a present price of $332.75 after-hours of trading after Monday’s session.
Today Coinbase Pro has announced the addition of new trading pairs for Basic Attention Token (BAT), Cardano (ADA), Decentraland (MANA), and USDC from April 20. These four assets will be paired with three fiat currencies (USD, EUR, GBP), BTC, and ETH.