Coinbase is currently valued at $ 77 billion as the cryptocurrency exchange prepares to go public
The US-based cryptocurrency exchange Coinbase is preparing to go public in the next few months. The company is currently valued at $ 77 billion based on its privately held shares in the NASDAQ private market.
Sources familiar with the auction revealed that Coinbase shares were trading at $ 303 per share on the NASDAQ private market. Trading Coinbase stock at this value makes the company worth $ 77 billion, making it bigger than Intercontinental Exchange, the owner of the New York Stock Exchange.
A source told Coindesk that transactions for the third week ended on Friday and the clearing price for the company was $ 303 per share. The source points to a price discovery in Coinbase stocks after posting growth for the first three weeks. In the first week, Coinbase shares changed hands at $ 200. This rose to $ 301 in the second week and to $ 303 in the third week. Coinbase would have around 254 million shares available for trading if the company goes public, one of the sources added.
The date of the IPO is not yet known, but the Coinbase private market operates an anonymous order book. This process enables investors and employees to sell some of their stocks and make money.
Coinbase is one of the earliest and leading cryptocurrency exchanges in the United States. The exchange is known for providing retail and institutional investors with access to the cryptocurrency market. Unlike Binance, which became popular by listing a wide variety of cryptocurrencies, Coinbase has maintained a controlled platform by listing only a few credible cryptocurrencies.
The cryptocurrency exchange is set to get even bigger in the coming months and years. The Block hired Coinbase’s institutional trading division to process Tesla’s $ 1.5 billion BTC investment earlier this month.
The report adds that Coinbase also handled MicroStrategy’s early allocations. Coinbase currently has five Fortune 500 companies as customers. With more companies expected to enter the crypto market in the coming months and years, Coinbase could play a crucial role in processing transactions for these companies.