Coinbase shares increased 11% in early Thursday trading, the day after the crypto exchange listed on the Nasdaq, briefly valuing the firm over $100 billion.

The debut of Coinbase on the Nasdaq is another landmark moment for Bitcoin and other cryptocurrencies, which have enjoyed a recent surge in value as they become ever more mainstream, as deVere CEO and founder Nigel Green talked about during an interview with BBC News on Wednesday.

Based in San Francisco, Coinbase has 56 million users across the globe, making up 11.3% of the crypto asset market share, Reuters reports.

Last September, Coinbase was valued at a little under $6 billion, and has increased in line with Bitcoin’s gains so far in 2021.

The firm was valued at $86 billion at the end of trading on Wednesday.

Coinbase shares rose 11.4% by 5am ET on Thursday, to hit $365.50. 

The majority of transactions on Coinbase involve purchasing Bitcoin or Ethereum, which have risen more than 800% and 1,300%, respectively, over the past year.

The company added that its short-term performance will be mainly determined by cryptocurrency prices, CNBC reports.

Moreover, co-founder and CEO, Brian Armstrong, who owns 39.6 million shares, was granted a multibillion-dollar performance award tied to the company’s stock price back in August, which could allow him to buy up to 9.29 million options at $23.46 over 10 years. 

Nigel Green said of Wednesday’s IPO: "Coinbase's direct listing is a truly momentous day for the cryptoverse and underscores that cryptocurrencies in some form or another are here to stay - and the market is only set to grow.”