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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 90.8% 9 $27 072.74 -0.31% -0.57% $524 998 864 858 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90% 5 $1 894.87 -0.29% 2.21% $227 827 686 185 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000237 -0.01% -0.01% $83 172 174 121 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 91.2% 3 $306.06 -0.12% -0.96% $47 701 185 151 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999884 -0.01% -0.02% $28 901 071 500 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 74.4% 45 $0.522198 -0.25% 10.27% $27 147 495 980 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 90% 5 $0.378860 0.52% 1.56% $13 220 010 862 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 90% 10 $0.072655 0.32% -0.38% $10 144 189 079 DOGE 7 days price change
10 Solana (SOL) SOL Solana predictions 83.6% 26 $21.27 0.60% 3.64% $8 443 365 511 SOL 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 85.6% 24 $0.903134 0.55% -2.81% $8 380 602 516 MATIC 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 74.8% 41 $0.081699 -2.02% 5.66% $8 306 858 508 WTRX 7 days price change
13 TRON (TRX) TRX TRON predictions 78.4% 46 $0.081792 -2.14% 5.52% $7 377 081 997 TRX 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 76.4% 43 $95.39 0.78% 5.98% $6 970 331 292 LTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 92.4% 7 $5.34 1.40% -0.79% $6 358 029 850 DOT 7 days price change

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