Coinbase receives $77-billion valuation ahead of IPO
By Bob Garcia
The upcoming public offering for the crypto company is attracting a lot of attention
Based on trading of the company’s privately held shares on a secondary market, cryptocurrency exchange Coinbase, which is currently getting ready to trade publicly in the next couple of months, has recently been valued at $77 billion. According to some people with knowledge of the auction, Nasdaq Private Market might be acquiring those shares in the largest crypto exchange in the US at $303 apiece.
If that is the case, it means the $77 billion would be the total company value and that’s greater than the owner of the New York Stock Exchange, International Exchange Inc. The source explained, “The third weekly transaction closed on Friday and the clearing price was $303 a share. The first week it was 200 bucks a share, the second week, it was $301 a share, and the third week it was $303 a share. So, you can kind of see price discovery happening.”
Coinbase has declined to share any comment about this matter so far. It’s clear that with this sale, investors in Coinbase, as well as current and former employees, are going to be allowed to take some cash off the table. As per the sources with knowledge of the offering, once the firm goes public, around 254 million shares in Coinbase will be outstanding and available to trade. As part of the statement, the source also added, “It’s not like a handful of shares being exchanged at $300 a share. Each week it’s tens of millions of dollars, a pretty sizable amount.”