Coinbase Inc. is all set to make its public debut on Nasdaq later today in what many would call a historic feat for the cryptocurrency space. The direct listing has come almost 4 months since the exchange first announced its plans of going public in December last year. The exchange would list its share under the ticker symbol $COIN and has got a reference price of $250.

Coinbase is riding high on its Q1 financial figures and with 114.9 million registered shares on Nasdaq, many believe the $250 reference price is too low, given the exchange has a $150 billion realized valuation with its pre-IPO share trading as high as $594 on FTX.  The crypto exchange also had a phenomenal first quarter of 2021 with an estimated profit growing to over $800 million. When compared to the reference price the valuation is not 1/10 of Q1 annualized revenue.

Even before the first quarter finances came out, many audit firms and trade pundits have given the exchange a $100 billion-plus valuation.

Coinbase at $250/share means it is valued at less than 10x Q1 annualized revenue.

Wall Street is about to see what crypto degens can do to something they want to own 😂

— Pomp 🌪 (@APompliano) April 14, 2021

The public listing of a cryptocurrency company has attracted a lot of attention from all sections of the media with many eagerly waiting to see the market response to the share.  Early responses have been mostly positive as the likes of former NYSE CFO called it a real financial innovation, while many others called it an event that would legitimize cryptocurrencies for the real world.

Over the past 3-4 months this year, the crypto world has seen a massive adoption drive coming from all corners, be it Wall Street financial giant, hedge fund managers, sports organization all seem to be in a rush to add crypto exposure. The Coinbase listing in a way reflects this growing hunger for digital assets around the world. However many people still believe that if the Coinbase IPO fails to pick up after listing, it could reverse the ongoing bullish trend.

Coinbase as a public company would rather offer exposure to thousands 0f new traders and investors with its public listing and more people would gain exposure to crypto via $COIN. The reference price is currently half of the pre-IPO share price on FTX and with over 56 million registered users the overall sentiment around Coinbase direct listing is bullish.