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Coinbase, Alkami Set to Open for Trading Today

Coinbase is the largest U.S. cryptocurrency exchange, with 56 million verified users in the first quarter.

Tiffany Hagler-Geard/Bloomberg

The Coinbase Global offering may be attracting much of the attention Wednesday, but it isn’t the only company making its public equities market debut. Alkami Technology is also scheduled to open for trading. 

Alkami raised about $180 million after selling 6 million shares at $30 each, above its expected price range. The Plano, Texas, company initially filed to sell 6 million shares at $22 to $25, which it boosted to $26 to $28 earlier this week. Alkami will trade on the Nasdaq under the symbol ALKT. Goldman Sachs, J.P. Morgan, and Barclays are the underwriters on the deal.

Founded in 2009, Alkami seeks to level the playing field between smaller banks and larger financial institutions. The company provides a cloud-based digital banking platform that lets its clients—small banks and credit unions—offer retail banking services like account balances, transfers and bill pay as well as financial wellness, fraud protection and marketing. In September, Alkami said it neared 10 million digital users. 

Coinbase will begin trading later Wednesday on the Nasdaq under the symbol COIN. 

On Tuesday, the Nasdaq issued a $250 reference price for Coinbase, which is using a direct listing to go public. The $250 reference price doesn’t mean that’s where Coinbase will trade. Rather, it is meant to be a guide that informs the public of recent private-trading activity.

Founded in 2012, Coinbase is the largest U.S. cryptocurrency exchange, with 56 million verified users in the first quarter. Its online platform allows users to buy, sell, transfer, and store Bitcoin and other digital currencies.

The $250 reference price implies a nearly $65 billion market capitalization for Coinbase. This is comparable or bigger than much older exchanges like the Intercontinental Exchange (ticker: ICE), parent of the New York Stock Stock Exchange, which has a $67 billion market cap. Or the Nasdaq (NDAQ) which has a $26 billion market cap.

Once it begins trading, Coinbase’s valuation is expected to exceed $100 billion.

Write to Luisa Beltran at [email protected]

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