Coinbase Market Debut Draws Less Retail Money Than Uber Or Snap

Coinbase Market Debut Draws Less Retail Money Than Uber Or Snap
Andrew Rummer

almost 3 years ago1 min

For all the attention on Coinbase’s stock market debut on Wednesday, retail investors plowed only half as much money into the shares as into Uber or Snap on their first days as public companies. 

According to data from Vandatrack, smaller investors bought a net $59 million worth of Coinbase stock on the crypto exchange’s first day of trading. That makes it just the fifth most popular debut since 2017, after photo sharing app Snap, taxi firms Uber and Lyft, and mortgage lender Rocket.

Those four most popular share offerings have had mixed fortunes since joining the stock market. While Rocket has consistently traded above the $18 at which it sold shares in a 2020 initial public offering (IPO), it took both Snap and Uber more than two years to climb above their IPO prices – and anyone who bought Lyft at its debut price is still sitting on a 13% loss.

Coinbase shares are up 10% in pre-market trading as of 6:45am New York time as influential fund manager Ark Investment Management revealed it bought about 750,000 shares for nearly $250 million.

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