[Blockchain Today Reporter Ji-eun Lee] After the cryptocurrency exchange Coinbase is known to have sold for up to $375 per share in private auctions, it seems that it may receive an IPO valuation of $100 billion.
Cointelegraph quoted a Bloomberg report that Coinbase Global’s stock was traded at $350-375 each in the NASDAQ private auction market last week, resulting in IPO prices of $99 billion to $100 billion. The exchange also reportedly closed at $350 based on the closing price.
In a 2018 Coinbase E-series funding round, we first saw the stock as having a potential value of $8 billion. In January, this value rose when the stock was traded for $200 on a private forum created by Coinbase. The company was considered to be worth about $50 billion at the time.
The amount of privately traded stock is used in part as a reference to set the price when it is finally released on the NASDAQ market. Coinbase announced in December that it plans to begin its initial public offering in mid-2020 before registering with the SEC.
Coinbase, launched in 2012, is one of the longest-used cryptocurrency exchanges in the industry. It is currently processing the second largest transaction volume in centralized transactions, and recently it was found that it stores coins worth 11% of the total cryptocurrency market capitalization of customers.
Bloomberg, who said it received the latest share price from an anonymous source, pointed out that pre-IPO market activity did not accurately represent the transaction as it was actually public. The limited transaction size of the private market does not accurately convey the actual open market environment.
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