Coinbase, Readying for Public Listing, Gets $77B Valuation From Nasdaq Private Market


The cryptocurrency exchange Coinbase, which is preparing for public trading over the next few months, is valued at $ 77 billion based on trading the company’s privately held shares on a secondary market.

According to two people with knowledge of the auction, these shares are changing hands in the largest crypto exchange in the US on the Nasdaq Private Market for USD 303 each. That implies a total enterprise value of around $ 77 billion – more than Intercontinental Exchange Inc., the owner of the New York Stock Exchange.

“The third weekly transaction closed on Friday and the clearing price was $ 303 per share,” a source said. “The first week it was $ 200 per share, the second week it was $ 301 per share, and the third week it was $ 303 per share. So you can see price discovery happening. “

Coinbase declined to comment.

The private Coinbase market keeps an anonymous order book, the date of which is still unknown, prior to the company’s direct listing. The sale enables current and former employees as well as investors in Coinbase to take some money off the table. According to sources with knowledge of the offering, around 254 million shares of Coinbase will be outstanding and available for trading when the company goes public.

Hopes for Coinbase’s public listing are high in the crypto community, especially since the price of Bitcoin remains above $ 50,000. (More about Coinbase’s finances will be announced when the confidential S-1 it has filed with the Securities and Exchange Commission is released in the coming weeks.)

Countering these high expectations is the argument that the valuation of 100% of a company could be very different than the valuation of half a percent of its stocks.

However, secondary sales of Coinbase-sponsored stocks in the past three weeks have “changed hands” according to a source.

“It’s not like a handful of shares are exchanged for $ 300 per share. It’s tens of millions of dollars every week, which is quite a substantial amount, ”the source said.