Coinbase recently got listed on Nasdaq. Its closing shares were $327 which gave the crypto exchange an initial market cap of $86bn on a fully diluted basis. Fully diluted shares are the total number of common shares outstanding and available to trade on the open market after all possible sources of conversion. Analysts expected Coinbase share to achieve a $100bn valuation. While its closing valuation wasn’t a million miles away, it was still less than expected.