Coinbase (Nasdaq: COIN) closed at $328,28 or 31% higher from it’s IPO price at $250. Coinbase hit an intraday market high at $429,54. Coinbase is expecting to become the most direct proxy to bitcoin. This is why other bitcoin proxies such as Microstrategy, Tesla, Paypal and also bitcoin miners all had a very bad session as investors sell those stocks in order to by Coinbase shares. Also, ARK Invest bought nearly $250 million on the first trading day.