Coinbase gets reference price of $250 per share from Nasdaq ahead of Wednesday's direct listing - CNBC

Nasdaq gave Coinbase a reference price of $250 a share on Wednesday ahead of its planned direct listing, which would value the cryptocurrency exchange at about $65.3 billion on a fully diluted basis.

The reference price provided by Nasdaq reflects recent private market trades and input from investment bankers but does not indicate where the stock will open.

In the five significant direct listings that have taken place on the New York Stock Exchange — Spotify, Slack, Palantir, Asana and Roblox — the opening price was on average about 37% above the reference price.

If Coinbase opens with a similar percentage increase, the price would be around $343, very close to the average private market price in the first quarter of $343.58.