Xetra Delisted Coinbase Shares Due To Admin Error: Report

Xetra delisted Coinbase shares off its platform due to an incorrect reference code as we can see more in our latest Coinbase shares news today.

Deutsche Boerse’s Xetra delisted Coinbase shares from the trading systems from both the exchange and the Frankfurt stock exchange. The delisting is due to an incorrect reference code which means that Coinbase will now have to apply for a correct code. German marketplace organized Deutsche Boerse delisted the shares of Coinbase because of missing reference data for these shares.

Coinbase shares were originally listed on both these systems when the exchange went public a week ago. But due to an incorrect reference code was used, it was required to list the shares and Coinbase had no approval for it. Deutsche Boerse said that Coimbase needs to apply for a correct reference code known as LEI.

Coinbase said that it “it is aware an administrative error has made it necessary for the exchange to resubmit certain documentation to certain European stock exchanges.” The shares will be delisted on Friday and will remain that way until the exchange receives a correct reference code. As reported, Coinbase went public in a direct listing a week ago, marking a major milestone for the entire crypto industry. The exchange became the CenterPoint of attention and notched a valuation of $100 billion. Since then, the shares dropped from their highest value of $340.

Coinbase’s Valuation at $86 billion has been exaggerated by the media as the Coinbase shares closed at $327 on their Nasdaq debut. Fully diluted which refers to the total number of common shares that are available to trade on the open market after the possible sources of conversion. Some feel this measure gives an inaccurate valuation because it includes options and restricted stocks which therefore overstates the number of shares that are used in the valuation.

COIN opened at $381 on Nasdaq Global Select Market and the buyers pushed the price as high as $429 but then dipped and ended the session at $327. The company released impressive figures before the public debut and showed a strong surge in revenue and doubling of the monthly active users compared to the past quarter.
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The market research firm New Constructs already sounded the alarm on the overvaluation at $100 billion and they also believe that this high valuation takes no account of another possible squeeze on the transaction margins.