Coinbase jumps 11% day after Nasdaq debut

Coinbase Global Inc. shares jumped 11 percent 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 percent of the crypto asset market share, regulatory filings showed.