Cryptocurrency exchange Coinbase jumps 11% day after Nasdaq debut

Coinbase Global Inc shares jumped 11% in early trades on Thursday, a day after the cryptocurrency exchange went public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.

The debut marks another milestone for bitcoin and other digital assets and comes amid a surge in the value of cryptocurrencies that has lured a clutch of mainstream, top-tier firms.

Cathie Wood’s Ark funds bought $246 million worth of Coinbase shares in the debut on Wednesday, according to the firm’s daily trade summary.

Founded in 2012 by Brian Armstrong and Fred Ehrsam, the San Francisco-based firm boasts 56 million users globally and an estimated $223 billion assets on its platform, accounting for 11.3% of the crypto asset market share, regulatory filings showed.