Less than a week after the largest crypto exchange in the US was listed, Nasdaq will start trading options for Coinbase Global.
According to a Reuters report from April 19, a representative of Coinbase said that the COIN.O options will start trading on Nasdaq on Tuesday, April 20.
The launch of stock options offers investors a new way to bet on the fate of Coinbase. Stock options represent the right, but not the obligation, to buy or sell a stock at a certain price, known as the strike price, before or on an expiration date.
The news follows the direct listing of Coinbase, which ranges the firm’s share on the first day of trading between a valuation of $ 429.54 and $ 310.
Reuters estimates that Coinbase CEO Brian Armstrong sold about $ 292 million in shares on COIN’s first trading day. According to the U.S. Securities and Exchange Commission, Armstrong sold 749,999 shares in three groups at prices ranging from $ 381 to $ 410.40 per share for a total return of $ 291.8 million, but that is less than 2% of its total holdings.
Cointelegraph reported that insiders poured nearly $ 5 billion into COIN shares shortly after it was listed. Information on the Coinbase Investor Relations website showed that a total of 12,965,079 shares were sold by insiders, more than $ 4.6 billion at COIN’s share price of $ 344 by Friday.
Yahoo Finance reported that the stock fell 22.5% from a high of $ 429.54 on April 14 to a current after-hours trading price of $ 332.75, where it apparently closed after Monday’s trading session.
On April 20, Coinbase Pro announced that support for new trading pairs for Basic Attention Token (BAT), Cardano (ADA), Decentraland (MANA) and USDC will be added from April 20. The four assets are linked to three fiat currencies. (USD, EUR, GBP), BTC and ETH, with limited trading functionality to be made available while assessing market liquidity at launch.