The largest U.S. crypto exchange, Coinbase is listing on the Nasdaq on Wednesday.

The listing is the largest of a cryptocurrency firm, with Coinbase saying in March that private market transactions had valued it at around $68 billion in 2021, compared to $5.8 billion in September.

“The listing is significant in that it marks the growth of the industry and its acceptance into mainstream business,” according to William Cong, associate professor of finance at Cornell University’s SC Johnson College of Business.

Bitcoin, the largest cryptocurrency by market cap, hit a record high on Tuesday over $64,000, more than doubling as large investors and household name firms such as Tesla, back the asset, Reuters reports.

This will likely be accelerated by the Coinbase IPO, as awareness of digital assets among investors is given a boost.

Charles Hayter from data firm CryptoCompare commented: “This is a very positive thing for Bitcoin in itself, as it proves the bridge that has been built from an esoteric, left-of-field arena, full of cowboys, to mainstream finance.”

deVere CEO and founder Nigel Green says of the listing: “Coinbase’s direct listing is a truly momentous day for the cryptoverse.

“Should it hit its private market valuation of $100 billion, it would immediately become one of the 85 most valuable companies in the U.S.

“Of course, this is driven by the fact the world’s two biggest cryptocurrencies, Bitcoin and Ethereum, to which Coinbase is intrinsically linked, have risen 800% and 1,300% respectively over the last year.”

This was echoed by Wedbush analyst Dan Ives, who said the Coinbase IPO is a reflection of the crypto’s mainstream evolution.
“Coinbase is a foundational piece of the crypto ecosystem and is a barometer for the growing mainstream adoption of Bitcoin and crypto for the coming years in our opinion.”
Mr Green went on to add that, as a result of this increasing crypto adoption, investors must expect much greater government scrutiny.

“Governments, central banks and regulators will be keen to protect the currency status quo.

“We should expect considerably higher levels of regulation in the crypto market.  Indeed, I believe it is inevitable.”