- Coinbase hit a valuation of $ 77 billion last week, according to a report from Coindesk.
- The valuation is based on transactions in the Nasdaq private market, with Coinbase reaching $ 303 per share.
- At $ 77 billion, Coinbase is now larger than the Intercontinental Exchange, which owns the New York Stock Exchange.
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Coinbase is now worth $ 77 billion ahead of its expected direct public listing, says a report by Coindesk.
The valuation is based on transactions last week in the private Nasdaq market, with Coinbase reaching $ 303 per share, sources told Coindesk. That’s a huge increase from its first week of secondary market trading at $ 200 a share, according to the report.
If the valuation holds once the cryptocurrency exchange goes public, it would make it bigger than Intercontinental exchange, which owns the New York Stock Exchange.
The rising valuation of Coinbase comes as bitcoin itself continues to climb. Bitcoin kick a record over $ 51,700 Wednesday and businesses and institutions are just starting to buy cryptocurrency.
Bitcoin is up almost 80% since the start of the year.
The Nasdaq Private Market is holding auctions in private companies that are about to go public. The secondary market allows current and former employees, as well as first investors, to sell their shares in the company.
Only a tiny fraction of Coinbase’s outstanding shares is available for trading in the secondary market, meaning its valuation could change once the company goes public later this year.
But according to the Coindesk source, “significant amounts” of shares have been traded in recent weeks, suggesting the valuation may hold.
“It’s not like a handful of stocks traded at $ 300 a share. Every week it’s tens of millions of dollars. [worth], quite a large amount, ”the source said.
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