London(CNN Business)Cryptocurrency backers have spent years insisting that bitcoin, ethereum and other digital coins could revolutionize the world of finance. Finally, they're getting their moment.
What's happening: The Wall Street debut of cryptocurrency exchange Coinbase on Wednesday was a massive success, with the company's valuation at one point topping $100 billion. Shares finished the trading session at $328.28 apiece, lending the company a market value of nearly $86 billion.
New York Stock Exchange owner Intercontinental Exchange (ICE) is valued at $67 billion, while the group that owns the London Stock Exchange (LDNXF) is worth $59 billion.
Coinbase shares are up another 8% in premarket trading Thursday.
Why it matters: The company's direct listing was billed as the crypto event of the year — and the groundswell of investor interest is hugely validating for both the crypto economy and the companies that have cropped up to support it.
Cryptocurrencies like bitcoin have skyrocketed in value this year as they've gained more mainstream acceptance. Tesla has started accepting bitcoin payments for its cars and now holds some of the digital currency on its balance sheet. Payment processors like PayPal (PYPL), Mastercard (MA) and Visa (V) are trying to normalize crypto payments on their networks, while old-school banks like BNY Mellon are taking steps so clients can hold crypto assets.
But the Coinbase listing was a seminal event that tested the appetite of a broad range of investors. And clearly, there's hunger for exposure.
"The Coinbase debut is a really important event in the maturation of the crypto industry. It has built a strong business and the market is believing that," Steve Ehrlich, CEO of Voyager Digital, a crypto asset broker, told my CNN Business colleague Paul R. La Monica. "This is just the beginning."
The debut has made a lot of people very rich. At Wednesday's closing price, Coinbase CEO Brian Armstrong's 39.6 million shares are worth just under $13 billion.
Garry Tan, managing partner with Initialized Capital, invested in the company when it was founded in 2012. He told CNN Business that his firm's first investment — about $300,000 at the time — is now worth more than $2 billion. That's a more than 6,000% return.
What's next: Markets are already buzzing about the debut of additional crypto stocks like Coinbase rival Kraken. But the nascent industry also faces a lot of uncertainty, with fierce competition and the looming threat of fresh regulation.