Coinbase shares fell Wednesday below their initial trading price, as traders scrambled to assess the largest U.S. cryptocurrency exchange’s value in a volatile first day following the historic direct listing on Nasdaq.

COIN was changing hands around $334 as of 3:35 p.m. ET, below the initial price of $381 when trading began earlier in the day. Initially, the shares had rallied above $400 before retreating into the afternoon.

The latest print was below the $348 where the shares last traded in private markets, but it remained above the $250 reference price published late Tuesday by the Nasdaq.

At a share price of $334, Coinbase would have a valuation of about $67 billion, assuming 199.2 million shares outstanding. Using the fully diluted share count of 261.3 million, the implied market capitalization would be about $87 billion.

Earlier in the day, Coinbase had achieved a valuation over $100 billion, based on the higher share count.

“There is bound to be a lot of volatility,” Coinbase board member Fred Ehrsam told CNBC Wednesday. “That’s just the nature of such a huge technology coming into existence.”

This is a developing story and will be updated.

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