Banks like JPMorgan Chase, Goldman Sachs, and Wells Fargo are reporting blockbuster profits today, but their earnings reports are being overshadowed by a milestone moment for the crypto industry as Coinbase – the first major cryptocurrency company in the U.S. to go public – began trading on the Nasdaq.

Why should we care?
Cryptocurrency exchange Coinbase started trading at a valuation of $76B on Wednesday, April 14. Prices of bitcoin and ethereum surged this week in anticipation of the Coinbase market debut, with bitcoin hitting an all-time high of $64,841, while the price of ether hit $2,400 for the first time. Coinbase going public is seen as a barometer for the growing mainstream adoption of bitcoin and crypto, as one observer put it, and the news could potentially lift the fortunes of digital currencies and spur new product offerings. Possibilities to buy Coinbase shares also allow investors to cautiously dabble in crypto without having to buy the coins themselves. Coinbase, which netted $322M in profit last year, makes money through a cut (0.5%) of every transaction on its platform. As cryptocurrencies edge higher in value, that’s good news for Coinbase, but if prices drop quickly, it could present a big risk to its revenue model. Coinbase’s dependence on the prices of coins and transaction volume could put it in harm’s way if the crypto market doesn’t continue to trend upwards, while others say future competition in the space could eat up its margins. Either way, Coinbase CEO Brian Armstrong is about to become a very rich man, given his 20% stake in the company.