Coinbase went public on the same day bitcoin hit a new record, and the stock opened at $381. Buying bitcoin had once meant strange websites and real risk of losing everything to a hack. Coinbase made it look like a bank app. By April 2021 crypto prices were soaring, and the company was making money fast. It skipped a traditional IPO and listed its shares directly on Nasdaq.

A Bank App for Crypto

Brian Armstrong, a former Airbnb engineer, founded Coinbase in 2012, and Fred Ehrsam, a former Goldman Sachs trader, joined him as co-founder. The company went through Y Combinator. The bet was that crypto would only reach normal people if someone made it safe and simple, and followed the rules. Coinbase linked to bank accounts, held customers' coins for them, and earned a fee on every trade.

A Direct Listing at $250

Coinbase listed directly on Nasdaq on April 14, 2021, as COIN, with a reference price of $250. It sold no new shares. The stock opened at $381 and closed at $328.28, valuing the company at about $86 billion on a fully diluted basis. A long crypto slump followed in 2022. Coinbase survived it, fought the SEC in court, and joined the S&P 500 in 2025. It still trades on Nasdaq.

Cover: Untitled (Portrait of a Gold Miner), Unknown photographer. Art Institute of Chicago, public domain. Chosen for a gold miner (the crypto rush).