Coinbase Global Inc’s valuation reached around US$90bn last week in private share trading ahead of the cryptocurrency exchange’s direct listing.
According to Bloomberg, the valuation is based on a share price of US$350 each during a Nasdaq private market auction that ended last Thursday, with the outlet citing individuals familiar with the matter.
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The auction will be the last time shares in Coinbase are traded on the Nasdaq market ahead of the public floatation, which is expected in late March. Some shares in the auction reached a price of US$375 each, reflecting a potential valuation of nearly US$100bn.
However, the Nasdaq has yet to set a reference price for investors ahead of the public listing, while the highly restricted private trading may not be truly indicative of the market’s valuation of Coinbase.
The direct listing, where only existing shares in a company are listed on the public market as opposed to the creation, underwriting, and sale of new shares in an initial public offering (IPO), will be the first of its type on the Nasdaq.
Coinbase, which allows users to buy and sell multiple cryptocurrencies including Bitcoin and Ethereum, reported that it had swung to a US$322mln last year amid a doubling in net revenues to US$1.14bn. The firm has also raised around half a billion dollars from multiple backers.