Following an explosive start, Coinbase stock seems to be regaining its bearings at $350.

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COIN stock has risen since making its Nasdaq debut on Wednesday.

Coinbase (COIN) shares opened at $381 on Wednesday, substantially higher than its pre-listing reference price of $250, indicating increased institutional demand for the crypto-focused market.

Coinbase’s market capitalisation now stands at $99.6 billion on a fully diluted basis, thanks to the $381 price. The stock reached a high of $429.54, representing a 71.8 percent increase over the initial reference price. According to Yahoo Finance info, it was last seen traded about $350, having gained 43 percent.

It was a volatile first hour of trading for Coinbase as the cryptocurrency exchange went public. The stock is trading well above its reference price. Chart via Yahoo Finance

Meanwhile, the technology-focused Nasdaq Composite Index, which listed COIN, was down 0.6% on Wednesday.

As Nasdaq announced on Tuesday, Coinbase’s reference price does not represent its offering price, implying that no shares were bought or sold at the previously quoted $250 price point. The exchange clarified, “The opening public price will be determined based on buy and sell orders in the opening auction on Nasdaq.”

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Coinbase’s first day of trading was supposed to be volatile, as market discovery and pent-up interest prompted investors to bid up the price dramatically soon after it went public. Investors got a glimpse of the uncertainty in the futures sector, where the “pre-IPO” price of COIN reached a peak of $640 before plummeting to $420 on FTX, a leading crypto derivatives exchange.

The public listing of Coinbase is regarded as a “watershed” moment in the cryptocurrency industry. COIN stock, according to Ben Lilly, co-founder of Jarvis Labs, would offer a “bridge” to legacy markets that are still wary of investing in digital assets. This year has seen the valuation of many crypto-proxy securities skyrocket, mostly in lockstep with Bitcoin (BTC) and other digital currencies.

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