Coinbase Global Inc. shares changed hands at a roughly $90 -$100 billion value last week, in what could be the final chance for investors to trade its private stock before the cryptocurrency exchange goes public, according to people familiar with the matter. According to activity in late February, this price would far exceed a previous valuation of $77 billion.
A source was told :
That valuation is based on $350 a share, the price the stock was trading at on the Nasdaq Private Market auction that ended last Thursday, the people said, asking not to be identified because the information was private. Thursday’s auction was the last time shares are being sold on the Nasdaq Private Market before Coinbase goes public in late March.
Since 2018, Coinbase has grown to become a mammoth of a cryptocurrency exchange. Especially after establishing the Coinbase Custody as a limited purpose trust company under New York State Banking Law to operate as an independent Qualified Custodian, including storing more assets, and adding more new features like staking.
Coinbase swung from a loss to a profit of $322 million last year on net revenue that more than doubled to $1.14 billion, according to its filings. Started in 2012, Coinbase has raised more than $500 million from backers that include Y Combinator and Greylock Partners, Tiger Global Management, Andreessen Horowitz, Ribbit Capital, Union Square Ventures and co-founder Frederick Ernest Ehrsam III among its biggest shareholders, filings showed
However, Private trading is more restrictive and volumes are usually smaller than in the public markets, and not a perfect picture of the company’s value. Nevertheless, Coinbase going public is one of the most significant supports for the crypto industry in recent times.
The United States is currently lagging behind on establishing a framework for digital assets. However, thy continue to enjoy one of the highest volume of exchange trading, boasting one of the world’s largest GDPs, and still retain a significant amount of cryptocurrency startups.
