Before Nasdaq's Nov. 9 session, a cross-exchange COINUSDT composite stood at $130.91, giving traders an early measure of a Binance contract tied to Coinbase's stock.
At 4:50 a.m. ET (9:50 UTC) on Nov. 9, the composite was 2.47% lower than a day earlier. Binance offers the COINUSDT perpetual at all hours, with Tether (USDT) settlement and pricing tied to Coinbase common stock. Its $130.91 level combines COINUSDT quotes from multiple exchanges rather than recording a Coinbase share trade.
Nasdaq's regular session was due to begin at 9:30 a.m. ET (14:30 UTC). For the quarter ended Sept. 30, Coinbase reported revenue of $1.2156 billion, including $590.2 million from transactions; those figures were down 35% and 44%, respectively, from a year earlier.
On Nov. 2, Morgan Stanley assigned Coinbase an Underweight rating, replacing its Equal-weight call, and lowered its stock target to $120 from $258. That analyst view covered Coinbase stock, while the COINUSDT measure was a separate market reading.
EconoTimes previously detailed how Binance's COINUSDT instrument trades outside the stock market's hours; the contract itself conveys no ownership stake in Coinbase.
