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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 60% 87 $29 380.18 -3.28% -2.43% $559 642 402 733 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 88 $1 959.56 -5.15% -4.83% $236 921 809 457 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $0.998958 -0.01% 0.02% $73 198 714 964 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000329 0.03% -0.01% $53 273 212 846 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58% 88 $321.57 -3.53% 6.21% $52 504 644 349 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.403749 -5.20% -5.34% $19 518 470 146 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $0.999393 -0.21% -0.08% $18 312 587 333 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 56.4% 93 $0.515615 -6.46% -10.22% $17 403 339 497 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 58.4% 91 $50.05 -7.03% -9.13% $16 981 972 785 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 60.8% 90 $0.082722 -5.26% -7.04% $10 974 841 808 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 55.2% 90 $9.97 -5.87% -7.56% $9 850 001 505 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 56.8% 87 $29 401.79 -3.22% -2.31% $8 132 620 498 WBTC 7 days price change
13 TRON (TRX) TRX TRON predictions 73.2% 56 $0.081939 7.58% 16.52% $7 754 289 182 TRX 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 55.6% 93 $28.73 -10.25% -14.09% $7 737 939 953 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 93.2% 1 $1.000302 -0.03% 0.01% $6 573 514 573 DAI 7 days price change

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