Options trading for Coinbase Global goes live on Nasdaq
- The equity options provide a new way for investors to stake their funds on Coinbase’ stock.
- Coinbase Pro has added new trading pairs for Decentraland (MANA), Cardano (ADA), and BAT.
- The crypto exchange’s COIN stock hit an all-time high of $429 last week after it went public on Nasdaq.
Nasdaq has announced that options trading for Coinbase Global will begin on the platform from today. This is coming barely a week after the crypto exchange went public on Nasdaq via a direct listing.
The equity options will offer a new way for investors to stake their funds on Coinbase’s stock after the crypto exchange was valued at over $100 billion.
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As the largest crypto exchange in the US, Coinbase has attracted several investors both within and outside the crypto space.
Coinbase Pro issued $291.8 million worth of COIN
Equity options give investors the right to trade stocks at a certain price, regarded as the strike price, on or before the expiration date.
When Coinbase was listed on Nasdaq, its stock fluctuated between $310 and $429 as investors try to rally around the asset on its first day of trading.
Coinbase’s filing with the Securities and Exchange Commission (SEC) showed that the crypto exchange sold its shares (COIN) in three batches, with all batches totaling 749,999 shares. The filing also revealed that the prices for the shares range from $381 to $410.40 per share. Based on the price of each share and the total number of shares sold, the earnings amounted to $291.8 million, which is about 2% of the exchange’s total holdings.
Shortly after COIN listing, insiders sold 12,965,079 COIN shares worth about $4.6 billion on Friday,
On Friday, the stock hit an all-time high of $429.54, but it has since shed about 22.5% and currently trading at $333, where it seemed to have found a neutral settlement ground.
Cooinbase Pro adds new trading pairs
Coinbase Pro has also announced the addition of new trading pairs to its platform. The pairs will be added on April 20, for USDC, Decentraland (MANA), Cardano (ADA), and the Basic Attention Token (BAT).
These tokens are set to be paired with ETH, BTC, and three fiat currencies (USD, GBP, and EUR). However, the new pairings will have limited trading functionalities for now.