Coinbase heads for $94 billion valuation in Nasdaq debut
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 60% | 87 | $29 380.18 | -3.28% | -2.43% | $559 642 402 733 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 61.6% | 88 | $1 959.56 | -5.15% | -4.83% | $236 921 809 457 |  |
|
| 3 |  USDT |
Tether predictions | 95.6% | 1 | $0.998958 | -0.01% | 0.02% | $73 198 714 964 |  |
|
| 4 |  USDC |
USD Coin predictions | 96% | 1 | $1.000329 | 0.03% | -0.01% | $53 273 212 846 |  |
|
| 5 |  BNB |
Binance Coin predictions | 58% | 88 | $321.57 | -3.53% | 6.21% | $52 504 644 349 |  |
|
| 6 |  XRP |
XRP predictions | 58.4% | 91 | $0.403749 | -5.20% | -5.34% | $19 518 470 146 |  |
|
| 7 |  BUSD |
Binance USD predictions | 91.6% | 1 | $0.999393 | -0.21% | -0.08% | $18 312 587 333 |  |
|
| 8 |  ADA |
Cardano predictions | 56.4% | 93 | $0.515615 | -6.46% | -10.22% | $17 403 339 497 |  |
|
| 9 |  SOL |
Solana predictions | 58.4% | 91 | $50.05 | -7.03% | -9.13% | $16 981 972 785 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 60.8% | 90 | $0.082722 | -5.26% | -7.04% | $10 974 841 808 |  |
|
| 11 |  DOT |
Polkadot predictions | 55.2% | 90 | $9.97 | -5.87% | -7.56% | $9 850 001 505 |  |
|
| 12 |  WBTC |
Wrapped Bitcoin predictions | 56.8% | 87 | $29 401.79 | -3.22% | -2.31% | $8 132 620 498 |  |
|
| 13 |  TRX |
TRON predictions | 73.2% | 56 | $0.081939 | 7.58% | 16.52% | $7 754 289 182 |  |
|
| 14 |  AVAX |
Avalanche predictions | 55.6% | 93 | $28.73 | -10.25% | -14.09% | $7 737 939 953 |  |
|
| 15 |  DAI |
Dai predictions | 93.2% | 1 | $1.000302 | -0.03% | 0.01% | $6 573 514 573 |  |
