Nasdaq To Start Trading Options For Coinbase Global.

Nasdaq To Start Trading Options For Coinbase Global.

2021-04-20 | Eddy Morgan

Nasdaq To Start Trading Options For Coinbase Global.

Within less than one week after the leading cryptocurrency exchange within the United States was listed, Nasdaq is about to start out trading options for Coinbase Global. In line with an official update earlier on 19th April by Reuters, a representative for Coinbase stated that the COIN.O options will start trading on Nasdaq on Tuesday, 20th April. The launch of equity options will offer a new way for investors to bet on the fortunes of Coinbase. Equity options represent the proper, but not the obligationto purchase or sell a stock at a particular price, referred to as the strike price, on or before an expiration date. The news follows Coinbase’s direct listing, which saw the firm's stock fluctuate between a valuation of $429.54 USD and $310 USD on its primary day of trading. Reuters estimates that Coinbase Chief Executive Brian Armstrong sold around $292 Mln in shares on COIN's first day of trading. Consistent with filings made with the United States SEC [Securities and Exchange Commission], Armstrong sold 749,999 shares in three batches at prices starting from $381 USD to $410.40 USD per share for total proceeds of $291.8 Mln, however, this works out at less than 2% of his total holdings. As reported earlier, insiders dumped nearly $5 Bln in COIN stock shortly after it had been listed. Filings on the Coinbase Investor Relations website revealed a sum of 12,965,079 shares were sold by insiders, worth over $4.6 Bln at COIN’s $344 USD share price at close on Friday. Yahoo Finance reported the stock has slumped 22.5% from a high of $429.54 USD on 14th April to a present after-hours trading price of $332.75 USD where it appears to possess settled after Monday’s trading session. Today on 20th April, Coinbase Pro outlined that it will add support for new trading pairs for Basic Attention Token [BAT], Cardano [ADA], Decentraland [MANA], and USDC from 20th April. The four assets are going to be paired with three fiat currencies [USD, EUR, GBP], Bitcoin, and Ethereum, with limited trading functionality to be made available while market liquidity is assessed at launch.

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