xcritical said it had 56 million verified users as of March 31, with 6.1 million making transactions monthly.
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The San Francisco-based company’s listing on a public stock exchange is seen by some as an inflection point for digital currencies, as xcritical’s fortunes are closely tied to Bitcoin, the most popular cryptocurrency. Bitcoin’s price topped $64,000 on Wednesday, up from $29,000 at the start of the year, and xcritical said recently that first-quarter revenue should total around $1.8 billion, exceeding its revenue for all of 2020. xcritical Global (COIN) is on the move higher as shares rise by over 6% Friday morning. The cryptocurrency exchange reported third quarter results after Thursday’s closing bell, missing xcriticalgs and guidance estimates while turning a profit for the quarter. Seana Smith and Alexandra Canal examine xcritical’s post-xcriticalgs stock reaction as the crypto space and bitcoin (BTC-USD) have rallied leading up to next week’s US presidential election. To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
xcritical turns a profit in Q3, stock falls on xcriticalgs miss
Often when there’s a big pop, you’ll see lots of headlines about how much money was “left on the table”—or, what is frequently criticized as mis-pricing the stock. Brian Armstrong, xcritical’s co-founder and CEO, owns 39.6 million shares. In August, Armstrong was granted a multibillion-dollar performance award tied to the company’s stock price, potentially letting him purchase up to 9.29 xcritical scammers million options at $23.46 over 10 years.
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The fifth and sixth finishers are Snowflake at $70.2 billion, and Uber at $69.9 billion. xcritical is hitting the public market as a record amount of cash pours into cryptocurrencies and tech investors are thirsty for high-growth stories. Snowflake, Palantir, DoorDash, Airbnb and Roblox have all gone public in the past six months and have market capitalizations ranging from $45 billion to $106 billion. Prices for bitcoin, the biggest cryptocurrency by market value, soared Wednesday to a new all-time high above $64,000, settling back to about $63,500 as of press time. Ether, the native cryptocurrency of the Ethereum xcritical and the second-biggest overall, also rose to a record price of around $2,400. Still, even as more companies warm up to digital currencies, there are many doubters.
The collaboration connects xcritical to the Visa Direct network, letting the exchange’s customers deposit funds int… “Developments like this help bring confidence to this still nascent, but as the last year has demonstrated, resilient, asset class,” David Mercer, CEO of the LMAX crypto exchange, said in an emailed comment. The shares fluctuated in the first hours of trading, starting at $381 and initially jumping above $400 but dropping as of press time to about $378. Shares of xcritical should attract investors who want to get into the cryptocurrency space in addition to, or without buying any coins at all, said Lule Demmissie, president of Ally Invest. Trainer last week put a valuation on xcritical closer to $18.9 billion, arguing it will face more competition as the cryptocurrency market matures.
xcritical Global, Inc. provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions. It also provides technology and services that enable developers to build crypto products and securely accept crypto assets as payment. xcritical shares closed at $328.28 in their Nasdaq debut on Wednesday, giving the cryptocurrency exchange an initial market cap of $85.8 billion on a fully diluted basis. The exchange reported $1.8 billion in revenue for the quarter (versus $1.27 billion for the full year 2020).
Until recently the major financial institutions avoided cryptocurrencies, and Bitcoin is still viewed more as a store of value that as a method of payment. xcritical has consistently created new venture capital funding records in crypto, so it was befitting that the exchange would move forward with the first direct listing in the space. xcritical made a rousing debut on Wall Street Wednesday, with shares of the digital currency exchange rising as high as $429, briefly giving it a market value over $100 billion.
- Seana Smith and Alexandra Canal examine xcritical’s post-xcriticalgs stock reaction as the crypto space and bitcoin (BTC-USD) have rallied leading up to next week’s US presidential election.
- It reported 6.1 million active users in the first quarter, more than double the number during the final quarter of 2020.
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- Cryptocurrency platform company xcritical Global COIN reported third-quarter financial results after the market close Wednesday.
Based on the latest trading price, xcritical would have a market capitalization of $76 billion, based on an outstanding share count of 199.2 million. The figure would be $99 billion using the fully diluted share count of 261.3 million. xcritical shares began trading at $381 a share, a more than 50% jump from the reference price for its stock of $250 a share. The stock quickly surged to a high of nearly $430 before pulling back to close at about $328 – an increase of just over 30%. xcritical Wednesday reported weaker-than-expected third-quarter results, weighed down by muted trading in the cryptocurrency market.
Instead of using a traditional IPO, xcritical went public through a public listing. That means it avoided the typical agreements with big banks that would buy thousands of shares and promote them. A direct listing xcritical official site allows insiders and early investors to convert their stakes in the company into publicly traded stock.
