almost 3 years ago • 1 min
Cryptocurrency-focused stocks fell on Wednesday as Coinbase, the largest US crypto exchange, debuted on the Nasdaq stock market in New York.
Shares of crypto mining firm Riot Blockchain (shown in blue on the chart) dropped 7.6% as of 5:35pm London time. Marathon Digital (in pink), a Los Angeles-based miner, fell 9.4% and UK-based Argo Blockchain (in green) declined 4.3%.
Coinbase’s addition to the stock market will make it by far the biggest listed company with a focus on crypto. As investors awaited the end of the opening auction and the start of regular trading in Coinbase shares on Wednesday, the stock was indicated to open at $357 – valuing the company at about $90 billion.
For investors unable or unwilling to invest directly in crypto, Coinbase now offers an obvious way to bet on the trend. But, based on Wednesday’s trading, such a big new addition to the stock market might be luring such investors away from the smaller fish in the crypto pond.
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