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Coinbase heads for $94 billion valuation in Nasdaq debut


15 Apr 2021

#Bitcoin

Cryptocurrency exchange Coinbase Global Inc was set to be valued at more than $94 billion in a stock market debut on Wednesday that marked another milestone in the development of bitcoin and other digital assets. At 11:37 a.m. ET, the company’s stock was indicated to open at $360 per share, up 44% from a reference price of $250 per share, making its implied value around three times that of exchange operator Nasdaq.

Coinbase’s launch, done through a direct listing where no shares are sold ahead of the debut, marks a victory for digital currency advocates in a year that has seen a clutch of mainstream, top-tier firms dive into the space. The San Francisco-based firm was valued at just under $6 billion as recently as last September but has surged in line with bitcoin’s gains this year. The world’s biggest and best-known cryptocurrency hit a record of over $63,000 on Tuesday and has more than doubled in value this year as banks and companies warmed to the emerging asset.

Coinbase’s listing is expected to accelerate that process by boosting awareness of digital assets among investors. Others experts said risks included Coinbase’s exposure to a highly volatile asset that is still subject to patchy regulation. Founded in 2012, Coinbase boasts 56 million users globally and an estimated $223 billion assets on its platform, accounting for 11.3% crypto asset market share, regulatory filings showed.

The company’s most recent financial results underscore how revenues have surged in lock-step with the rally in bitcoin trading volumes and price. In the first quarter of the year, as bitcoin more than doubled in price, Coinbase estimated revenue of over $1.8 billion and net income between $730 million and $800 million, versus revenue of $1.3 billion for the entire 2020. Regulatory risks also loom, others said, as Coinbase increases the number of digital assets users can trade on its platform.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 62.4% 76 $61 285.60 7.63% 19.00% $1 203 670 607 100 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60% 80 $3 338.95 2.80% 13.80% $401 178 537 437 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000847 0.04% 0.08% $98 474 236 270 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 69 $411.70 3.92% 9.81% $61 566 465 512 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 78.4% 41 $115.79 6.61% 10.92% $51 249 437 073 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 81.6% 29 $0.572503 -2.64% 4.69% $31 255 388 750 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $0.999889 0% 0% $28 645 014 753 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66% 66 $0.628697 0.43% 5.82% $22 304 712 874 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 82% 27 $0.115323 16.49% 36.90% $16 521 691 232 DOGE 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 74% 50 $39.88 1.60% 6.89% $15 042 025 285 AVAX 7 days price change
11 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 72% 61 $0.142057 -0.45% 2.21% $12 498 985 751 WTRX 7 days price change
12 TRON (TRX) TRX TRON predictions 71.2% 63 $0.142025 -0.64% 1.85% $12 496 109 183 TRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 76% 44 $19.18 0.15% 3.96% $11 258 564 813 LINK 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 74% 48 $8.32 -0.39% 12.31% $10 688 826 213 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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