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Coinbase reference price set at $250 per share ahead of Nasdaq debut

FILE PHOTO: Representations of virtual currency Bitcoin and U.S. dollar banknotes are seen in this picture illustration taken January 27, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

NEW YORK (Reuters) – Nasdaq on Tuesday set a reference price of $250 per share for Coinbase Global Inc, projecting a value for the largest U.S. cryptocurrency exchange at $49.19 billion ahead of its landmark stock market debut on Wednesday.

The reference price is not an offering price for investors to purchase shares, but rather a benchmark for performance when the stock starts trading on the Nasdaq stock exchange on Wednesday.

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