United States of America eSeries: Crypto crush 💰

Crypto crush 💰

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First of all, I'm sorry for all the times I rolled my eyes in 2016 whenever someone said the words "crypto" or "blockchain." Second, if you stick with me through crypto news, there's a really cute dog story later, as a treat.

By Allison Morrow

💰 CRYPTO CRUSH

The crypto craze just shifted into high gear.

THE NEWS

Coinbase Global, a leading cryptocurrency exchange, went public Wednesday afternoon, securing an $86 billion valuation. Pretty impressive for a company that's less than a decade old, in an industry that's become all the rage but remains obscure to most casual investors.

Coinbase stock came in hot, trading at $381 a share, a more than 50% jump from the reference price for its stock of $250 a share. The stock quickly surged to a high of nearly $430 before pulling back to close at about $328 — an increase of just over 30%

The deal made Coinbase's CEO Brian Armstrong an instant billionaire, as his roughly 40 million shares became worth about $16 billion.

WHY IT MATTERS

This is the first cryptocurrency-focused company to list on a major US exchange, and investors have been eager to get a piece of the digital currency market. Founded by Armstrong in 2012, Coinbase helps users buy, sell, and store digital currencies, such as bitcoin and ethereum, both of which have skyrocketed in the past year.

Adding to its investor appeal: Unlike many white-hot new listings, Coinbase is already profitable, has rapidly rising sales and a growing customer base.

THE BIG PICTURE

Coinbase's blockbuster listing brings cryptocurrencies even further into the mainstream.

Historically, investing directly in cryptos like bitcoin was mostly the realm of true believers and those with an iron stomach for volatility. Consider this: A single bitcoin traded above $64,000 this week. One year ago, it was about $6,700. For investors who want to get a piece of the action but fear bitcoin's wild price swings, Coinbase offers an ostensibly safer bet — it may rise or fall with the currency, but the swings would be less dramatic.

RELATED: Bitcoin and ethereum aren't the only digital currencies that are hitting record highs this week. Dogecoin, which features the face of a Shiba Inu and began as a meme, surged more than 85% in 24 hours.

🗣️ QUOTE OF THE DAY

Silence is not an option.

— Lisa Osborne Ross, the first Black person to serve as CEO for the US division of Edelman

Business leaders are under growing pressure to speak out on political issues, and that's unlikely to end any time soon, Ross told CNN Business' Chauncey Alcorn.

RELATED: On Wednesday, hundreds of executives from companies including Amazon, Google, BlackRock and Starbucks, signed a statement that opposes discriminatory voting legislation. It's a significant show of solidarity, but also underscores a conundrum facing Corporate America: The more action business leaders take, the more they risk a backlash that will ding the bottom line.

🐶 HIRE MY DOG

Busch beer is hiring a dog to be its new CTO ("chief tasting officer") for its non-alcoholic "Dog Brew." The job pays well —$20,000 plus benefits (that's ruff-ly $140,000 in dog dollars) — and seems relatively easy. The top dog will oversee taste-testing, quality control and brand identity.

To apply, just post a picture of your dog on social media along with their qualifications and the hashtag #BuschCTOcontest.

So with that in mind, I hereby submit an application for employment on behalf of my dog.

Name: Hank

Age: 2

Location: Brooklyn

Occupation: Naps, mostly

Skills: lol, no

To whom it may concern:
You've found the perfect hound. While Hank lacks experience in discerning quality ingredients – the boy will devour day-old street meat the with the verve that more refined palates might approach a fresh filet mignon – he's a fast learner and works well in a pack. He's focused. At least until he smells a deer within a five-mile radius. He's a creative mind – already, he's envisioning a line of canine kombucha called Pooch 'Booch and a craft beer called India Pale Tail. Hank would like to convey that he is deeply grateful for this paw-portunity and looks forward to hearing from you. (Sorry, he's obsessed with puns, it's embarrassing.)

🚗 NUMBER OF THE DAY

$45,000

Audi just debuted its cheapest electric car, the Q4 E-Tron SUV, with a starting price of $45,000. But factoring in federal electric vehicle tax credits, the new model should effectively cost about $37,500 in its least expensive version — much less than its rival Tesla Model Y.

WHAT ELSE IS GOING ON?

🚢 Egyptian authorities seized the massive cargo ship that blocked the Suez Canal last month, ordering the vessel's Japanese owner to pay $900 million in compensation.

🛒 Dollar General plans to bring on 20,000 new workers this spring as the discount chain continues its expansion during the pandemic.

🏦 HSBC is moving four of its most senior executives to Hong Kong later this year. The London-based bank is focusing more attention on fast-growing markets in Asia.

Bernie Madoff, the mastermind behind a $20 billion Ponzi scheme that made his name synonymous with financial fraud, died in federal prison. He was 82.