Why Coinbase Jumped in Premarket Trading Today: Ask Cathie Wood
The highly anticipated debut of Coinbase Global (NASDAQ:COIN) on the public markets went about as planned on Wednesday. Using a direct listing process, rather than a traditional initial public offering (IPO), the cryptocurrency exchange platform started trading far above its $250 reference price, closing the session at about $328 per share.
Prior to its first full day of trading Thursday morning, the stock jumped more than 11% in premarket trading, and sits about 7.8% higher as of 7:45 a.m. EDT.
Some of the early morning investor interest undoubtedly comes from the new access traders have to invest in a proxy for Bitcoin (CRYPTO: BTC) and other cryptocurrencies. But much of the excitement is also likely due to the fact that popular investor Cathie Wood said she bought almost $250 million worth of Coinbase yesterday for her Ark Invest exchange traded fund (ETF), according to CNBC.
Source Fool.com
