The leading cryptocurrency exchange Coinbase is all set to be listed on NASDAQ. The cryptocurrency world is holding its breath for Coinbase’s direct listing. Coinbase is the first significant direct listing on NASDAQ.

Coinbase’s ticker COIN received a reference price of just $250 which is much lower than the expectation. However, the direct listing means the reference price is not an indicator of Coinbase’s market capitalization. The reference price of $250 signifies a valuation of $65 billion whereas estimates range anywhere from $68 billion to $120 billion.

The NASDAQ announcement was quick to point out that the reference price does not indicate the offering price and that no trade has taken place at the price of $250. The reference price had been decided with the consultation of Coinbase and while keeping its transaction history. The opening price will be determined by the sell and buy orders in the auction.

Coinbase has also surprised its full-time employees with 100 shares each. The current reference price makes it $25,000 per employee of the 1,700 workforce of Coinbase. This was a “thank you” gesture from Coinbase and employees can sell their shares immediately after Coinbase goes public.

The Coinbase NASDAQ listing is one of the most anticipated events and other major crypto exchanges are set to follow if the listing and opening price surpass expectations. Kraken, a Coinbase competitor, has already hinted towards their stock exchange listing as well which may happen in 2022.