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After the major Crypto exchange got Nasdaq, it has set to begin trading options for Coinbase Global. Reuters report states that Coinbase representative gave information about their trading with Nasdaq. This launch of equity options paves new ways for the investors in order to bet on the fortunes of Coinbase.
These equity options shows the rights to purchase or sell stock at specific price that is known as strike price. This should be done on the date or before it expires. Though it shows the right, it is not an obligation.
Stock Fluctuations after Coinbase Listing
After the news of Coinbase’s direct listing came out the firm stock fluctuated between $429.54 and $310 on its first day. According to Routers estimation Brian Armstrong, the Chief Executive of Coinbase sold nearing $292 million of shares on the first day of Coins trading. But according to filings that are made by Exchange Commission along with US securities. Armstrong gave away 749,999 shares in three branches.
The prices are ranging from $381 to $410.40 per share and hence the total proceeds to $291.8 million. But this put together, accumulates to less than 2% of the total hold. According to a Coin telegraph report the insiders duped close to $5 billion of the Coin stock soon after it got listed. According to the filings of the Coinbase investor relations site a sum of the 12,965,079 shares got sold by the insiders with a net worth of $4.6 billion.
Coinbase Pro announcement
Coinbase Pro announced that it will add support to the new trading pairs of Basic Attention Token (BAT), Cardano (ADA), Decentraland (MANA), and USDC starting from April 20. These four assets will get paired with the 3 Fiat currencies USD, Eur, GBP BTC, and ETH. This keeps your only limited trading functionality. Market liquidity assessment is done at the launch.