Cryptocurrency exchange Coinbase Global Inc. was set to be valued at more than $91 billion in a stock market debut that marked another big milestone in the development of bitcoin and other digital assets. At 10:21 am Eastern Time, the company’s stock was indicated to open at $350, up 40% from a reference share price of $250, making its implied valuation more than three times that of Nasdaq.

Coinbase’s listing, launched directly to investors instead of through a traditional IPO process run by banks, marks a victory for digital currency advocates in a year that has seen a clutch of mainstream, top-tier firms dive into the space.

The San Francisco-based firm’s value has surged in line with bitcoin’s own huge gains: the world’s best known digital currency hit a record of $62,741 on Tuesday.

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In a direct listing, no shares are sold ahead of the debut and the company lists directly on the exchange. US gaming platform Roblox Corp. also went public through a direct listing last month.

Coinbase had confidentially filed paperwork to go public in December.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry