Ahead of Coinbase public listing, company valued at $77 billion
Three weeks after Coinbase officially announced its plan to go public by way of a direct listing, the firm’s total company value has been estimated at $77 billion. The valuation from Nasdaq is based on Coinbase’s privately held shares. Each of these shares is trading at $303 on secondary markets according to reports. Overall, the total value of the exchange is much more than Intercontinental Exchange (ICE), which operates New York Stock Exchange (NYSE).
At press time, Coinbase has not made an official comment on the same.
However, sources familiar with the matter claimed that the third weekly transaction “closed on Friday” and that the clearing price was “$303 a share.” During the first week, the transaction was at $200 a share, and subsequently, it was $301 and $303 a share, in the second and third week, respectively. “So you can kind of see price discovery happening,” sources said, adding:
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.
Coinbase intends to become a publicly-traded company after it proposed a direct listing of its Class A common stock. The firm expects the proposed listing to “be pursuant to a registration statement” on Form S-1 with US Securities and Exchange Commission (SEC).
If Coinbase were to gain SEC’s approval for the listing, such an endorsement would add validity to the mainstream narrative of Bitcoin and the crypto economy as a whole. At press time, Coinbase (CBSE) pre-IPO contract was trading at $384.39 on FTX derivatives.