Coinbase's stock has been given a reference price of $250 ahead of Wednesday's direct listing on the Nasdaq stock exchange.

The reference price is established in consultation with financial advisors with the listing firm as well as private transactions for that stock. In this case, $COIN was pegged to the $250 mark for its Nasdaq debut.

In the notice, Nasdaq stressed that the reference price is distinct from whatever price $COIN may open at when it begins trading.

The reference price is NOT an offering price and nobody has purchased or sold shares at that price. The opening public price will be determined based on buy and sell orders in the opening auction on Nasdaq.

The price chosen is notable, given the prices reported from secondary transactions on Nasdaq Private Market as well as the price for FTX's pre-IPO futures contracts. FTX's market is currently trading at about $607 per share.