Coinbase Surprises 1700 Employees with 100 shares as Giveaway

Ahead of the widely anticipated listing of Coinbase’s listing on Nasdaq, the crypto firm has decided to give out 100 shares to each of its 1700 workers. This implies that with the COIN’s opening price pegged at $250 by the Nasdaq stock exchange, each full-time employee is $25,000 richer.

A Thank You Package for All Workers

The surprise package was initially declared last month and was first reported by the Business Post, an Irish media firm. It was reported after confirming the news from one of Coinbase’s employees. The giveaway was described as a way Coinbase showed its appreciation to its workers whose hard work had brought the company this far. However, Coinbase, like other big firms, gives out minor jobs like cleaning services to contractors; hence those who fill these positions are not on the list of beneficiaries.

The report has it that nothing less than 114.9 million shares would be offered for sale to the members of the public with a price tag of $250 each. COIN is the ticker symbol under which the firm’s Class A common stock would be traded on the Nasdaq marketplace. The valuation of Coinbase would undoubtedly increase after the listing. Last month, as reported by a source, Axios, Coinbase is valued at $68 million. However, it currently has a calculated $100 million valuation.

There are many arguments concerning how the listing would affect Bitcoin. A day prior to the listing, BTC was trading at a new peak of $62,700; on the day it was listed, Wednesday, its price rose remarkably as it was trading at $64,461. However, after the listing, it dropped $63,135.

Many individuals, investors, analysts, and firms hold high expectations from BTC. Some people believe that the market capitalization of BTC would soon overshadow that of Gold hitting above $10 trillion. The increase in the numbers of public and industrial investors taking an interest in Bitcoin every day would also stimulate the rise in its price.

Coinbase went public through a direct listing, which is different from IPO. The listing is a remarkable event for the exchange and the crypto world at large, as the listing is expected to stimulate reactions from other crypto firms. Even though some changes have been noticed in the crypto world since the launching was completed, it is too early to determine the new development outcome.

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