Coinbase is currently valued at $77 billion as the cryptocurrency exchange prepares to go public
The US-based cryptocurrency exchange Coinbase is preparing to go public in the next few months. The company is currently valued at $77 billion, based on its privately held shares on the NASDAQ private market.
Sources familiar with the auction revealed that the Coinbase shares on the NASDAQ private market were trading at $303 per share. Trading the Coinbase shares at that value gives the company a valuation of $77 billion, making it larger than Intercontinental Exchange, the New York Stock Exchange owner.
The initial public offering (IPO) date is still unknown, but the Coinbase private market operates an anonymous order book. This process allows investors and employees to sell some of their shares and make money.
Coinbase is one of the earliest and leading cryptocurrency exchanges in the United States. The exchange is known for providing access to the cryptocurrency market to retail and institutional investors. Unlike Binance that became popular by listing a wide range of cryptocurrencies, Coinbase has maintained a more controlled platform by only listing few credible cryptocurrencies.
The cryptocurrency exchange intends to go even bigger over the coming months and years.
The report adds that Coinbase also handled MicroStrategy’s early allocations. At the moment, Coinbase has five Fortune 500 firms as clients. With more corporate entities expected to venture into the crypto market in the coming months and years, Coinbase could play a crucial role in handling transactions on behalf of these companies.