The reference price was $250
The price of Coinbase has started trading (COIN) at $381. That was well above the reference price at $250 in the direct listing.
Unlike a traditional IPO where new shares are sold from a consortium of investment banks generally, a direct listing shares are sold by current company. There are no lockdown periods for the initial investors. There are no fees paid to investment banks to sell their new issued shares.
If it was an IPO and the IPO prices was at $250, the company would have gotten $250 (less fees) from those who bought the shares in the IPO. Today, the company is now selling shares from $381 to $404 and wherever it goes.
The price is currently at $404