PITCHBOOK reports:

Coinbase‘s long-awaited direct listing on the Nasdaq marked a watershed moment for the crypto industry, which is experiencing a Wall Street welcoming after years outside the financial mainstream.

Coinbase was valued at $85.8 billion on a fully diluted basis at Wednesday’s closing price of $328.28 per share, representing the largest-ever direct listing and one of the biggest public debuts on record. The company was privately valued at $8 billion in 2018, according to PitchBook data.

Andreessen Horowitz, the company’s leading private investor, owned shares worth $9.68 billion at the closing price. Other major shareholders to strike it rich included Union Square Ventures ($4.56 billion stake), Ribbit Capital ($3.94 billion) and Coinbase CEO Brian Armstrong ($13 billion).

The price of bitcoin topped $64,000 for the first time in the lead up to Coinbase’s listing, more proof that the fortunes of the two are closely intertwined. Energized by a crypto bull market, Coinbase posted $1.8 billion in estimated revenue for Q1 2021, surpassing last year’s total of $1.3 billion.

Related read: Crypto startups post record quarter as opportunities abound

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