币界网报道：Coinbase made a historic debut on the Nasdaq with a direct listing, opening at $381 per share and briefly reaching a valuation of nearly $100 billion before closing at $328.28, marking a significant milestone for cryptocurrency's integration into mainstream finance. The listing, which did not raise new capital, allowed existing shareholders to sell shares directly to the public, with trading volume exceeding $5 billion on the first day. CEO Brian Armstrong emphasized the event as a turning point for crypto legitimacy, stating, "This is a landmark moment for the industry." The listing reflects growing institutional acceptance of digital assets, despite Coinbase's reliance on volatile trading fees for revenue. Analysts noted the debut's success signals broader market confidence in crypto's future, though regulatory uncertainties remain a challenge. The exchange, which reported $1.8 billion in Q1 2021 revenue, saw its valuation fluctuate as Bitcoin's price dipped below $63,000 during trading. Critics highlight risks tied to crypto market cycles, but proponents argue Coinbase's infrastructure and compliance focus position it for long-term growth amid increasing institutional adoption. The listing also spurred discussions about the future of decentralized finance (DeFi) and traditional finance convergence.