The exchange’s S-1 filing recently revealed that the company made a $322 million profit during 2020.
Coinbase’s long-awaited debut on the stock market is drawing closer — and reports suggest that the exchange is now valued at a cool $90 billion.
The exchange is going public at the end of the month, and last Thursday delivered the final opportunity to trade Coinbase’s shares on the Nasdaq Private Market.
This private trading activity is going to help Nasdaq set a reference price for investors — but Bloomberg stressed that this may not indicate where the stock will trade upon launch.
As the report explained: “Private trading is more restrictive and volumes are usually smaller than in the public markets, and not a perfect picture of the company’s value.”
A Significant Debut
Coinbase’s foray into the stock market is significant for a number of reasons — not least because it’s the first crypto exchange to pursue such a listing. Others may follow suit.
The trading platform isn’t taking part in an initial public offering. Instead, it’s pursuing a direct listing, where existing shares are sold instead of new ones. A direct listing hasn’t taken place on the Nasdaq before — previously, they’ve happened on the New York Stock Exchange.