Coinbase shares dropped Wednesday below their initial opening cost, as traders scrambled to assess the largest U.S. cryptocurrency exchange’s value in a volatile day that is first the historic direct listing on Nasdaq.

After starting at $381 at around 1:30 p.m. ET, Coinbase shares (NASDAQ: COIN) soared to since high as $429.54 before dropping over 100 points on the hour that is next a half to close at $328. Which was below the $348 cost in which the shares last changed hands in private markets.

“There’s always lots of excitement that develops up to this moment,” FundStrat analyst David Grider told CoinDesk. “That excitement rolled over a little bit.” Despite having their fall that is dizzying shares were still well above their $250 reference point price assigned Tuesday evening by the Nasdaq.

At a share price of $328, Coinbase might have a valuation of approximately $65 billion, presuming 199.2 million stocks outstanding. Utilizing the fully diluted share count of 261.3 million, the market that is implied could be about $86 billion.

Earlier in the day into the, Coinbase had accomplished a valuation over $100 billion, on the basis of the greater share count day.

“The uninformed were price that is driving it significantly more than the informed,” said Jeff Dorman, chief investment officer at the cryptocurrency asset supervisor Arca. “In three to six weeks you’ll see higher prices.”

The listing that is direct about even with other similar debuts, based on data published by CoinDesk Research: “There is bound to be always a lot of volatility,” Coinbase board user Fred Ehrsam told CNBC Wednesday. “That’s simply the character of these a technology that is huge into presence.”

In the day that is first of, at the least, COIN closed down 14% from the opening price.