Crypto Currency Exchange Coinbase Reaches $ 90 Billion Before IPO - News-Credit-Mortgage-Coin

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Tuesday, March 9, 2021

Crypto Currency Exchange Coinbase Reaches $ 90 Billion Before IPO

 

 Coinbase Reaches $ 90 Billion Before IPO


According to a report in Bloomberg, according to people familiar with the subject, the leading cryptocurrency exchange Coinbase Global Inc. its shares changed hands last week, worth about $ 90 billion. This valuation is based on a value of $ 350 per share. According to Bloomberg sources, this is the price at which the exchange was traded in the Nasdaq Special Market auction.

People attended Thursday's auction, when Coinbase stocks were sold for the last time on the Nasdaq Special Market before going public in late March.

They added that some of the shares were traded at $ 375 at the auction, and the company would be worth roughly $ 100 billion.

Private trade is more restrictive and usually volumes are smaller than on the public market. The Nasdaq private market is a segment devoted to trading stocks before Nasdaq's companies go public.


Prior to the direct listing, Nasdaq needs to set a reference price for its investors partially based on private trading activity. These special trades may not indicate what price the stock will actually trade.


Coinbase offer will take place on Nasdaq

Coinbase will not earn any income from the transaction, according to applications from the US Securities and Exchange Commission. The company did not list an address for its headquarters, and instead said it had become a "remote operating" company in May.


The company more than doubled to $ 1.14 billion in net income, closing last year's $ 322 million loss.

Coinbase, which started trading in 2012; Y Combinator and Greylock Partners raised more than $ 500 million from supporters such as Tiger Global Management, Andreessen Horowitz, Ribbit Capital, Union Square Ventures, and Frederick Ernest Ehrsam III.

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