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If Coinbase stocks were to follow in the footsteps of Netscape and be listed on the first day, the price would need to climb to about $636.
Galaxy Digital founder and CEO Mike Novogratz likened Coinbase’s Nasdaq listing today to the start of a new era of cryptocurrency acceptance.
In an interview with CNBC’s Squawk Box this morning, Novogratz called the long-awaited initial public offering, or IPO, of the major cryptocurrency exchange’s stock shares “the Netscape moment for the cryptocurrency economy.” The Galaxy Digital CEO was referring to the tech company behind one of the earliest Internet browsers — Netscape Navigator — whose stock price surged from $28 to $75 in its first day.
“This is a really important day for the whole crypto world,” said Novogratz referring to the Coinbase IPO. “This is saying ‘this is an asset class, and it’s an asset class that’s here to stay.’”
“This is the netscape moment for the cryptocurrency economy,” says @Novogratz $COIN #btc. “Institutions are going to come flooding into this space–$COIN is the first big marquee equity that mutual funds are going to say hey I can make my statement in crypto this way.” pic.twitter.com/9YEODRKmiV
— Squawk Box (@SquawkCNBC) April 14, 2021
In several respects, Netscape’s IPO marked the beginning of the Internet age, ushering in considerably more interconnectedness among websites, higher access rates, and other technological advances. Novogratz seemed to be saying that the crypto industry would definitely see a boom in institutional adoption and increased public awareness:
“Institutions are going to come flooding into this space. We’re seeing it every day. We’re seeing it in Bitcoin, we’re going to see it in the public equity markets. Coinbase is the first big marquee equity that mutual funds are going to say ‘hey, I can make my statement in crypto this way.'”
Coinbase’s Class A shares, which trade under the ticker COIN, opened at $381 on Nasdaq today. If the stocks follow in the footsteps of Netscape, the price will have to climb 167 percent at any point within the first day, making one share of COIN worth approximately $636.