Coinbase shares opened at $381 on its debut on Nasdaq, valuing the cryptocurrency exchange at $75.9 billion.
The opening price was 52% up on Coinbase's reference price of $250 and makes the company more valuable than financial heavyweights including Nasdaq and Discover.
Including options and other kinds of stock-based awards, the $381 price values Coinbase at $99.6 billion.
The direct listing sees chief executive Brian Armstrong - who has courted controversy with his no-politics stance - become a multi-billionaire with a $15.1 billion stake.
Founded in 2012, Coinbase raised £400 million at an $8 billion valuation in 2018. Since then, it has ridden the bitcoin bull run, reporting revenues of $1.8 billion in Q1 thanks to a 56 million-strong customer base.
By market close the stock had dipped to $328.28, 14% off the opening price but still way up on its reference price, lending the firm a $86 billion valuation.