Cryptocurrency data and research provider Messari has valued Coinbase at close to $30 billion. This is the latest valuation after San Francisco-based cryptocurrency exchange Coinbase submitted all the documents required for the IPO to the US Securities and Exchange Commission (SEC).
Coinbase confirms SEC registration
Cryptocurrency exchange Coinbase made the announcement in a tweet on December 17, and wrote in the accompanying blog post: “Coinbase Global Inc today announced that it has secretly filed the S with the U.S. Securities and Exchange Commission (SEC). Draft registration statement of Form -1. Form S-1 is expected to take effect after the SEC completes the review process based on market and other conditions.
In the tweet, Coinbase made it clear that the company will complete an initial public offering (IPO) and accept review by regulators.
“We expect that the S-1 form will take effect after the SEC completes the review process in accordance with the market and other conditions and enables Coinbase to complete the IPO. This tweet does not constitute an offer for any securities for sale.”
Since July this year, speculation about Coinbase’s IPO has been going on for several months. At the time, there were rumors that Coinbase was considering listing on the stock market and had serious discussions with law firms and a number of investment banks, but had not yet submitted any documents to the SEC.
Although Coinbase has not disclosed a specific date, the recent update confirmed the rumors and suggested that the exchange may soon usher in a public offering.
Messari marks Coinbase’s valuation at $28 billion
As Coinbase prepares for a public offering, Messari estimates that the exchange’s current valuation is $28 billion. The research firm analyzed various aspects of Coinbase, including its transaction volume, debit card and custody assets, to arrive at this figure.
In October 2018, after a round of financing, Coinbase’s valuation reached $8 billion, but Messari believes that the company’s current market value is $28 billion. In any case, this will be a huge IPO, which will allow more institutional and retail investors to access cryptocurrencies.
Messari’s strategists pointed out that the IPO will not only benefit Coinbase, but also the entire crypto industry: “Even for token valuations, the list is important because Coinbase will provide valuation anchors, not only for the future A list of stocks and also apply to the native tokens of cryptocurrency exchanges.”
Time is just right?
Coinbase’s filing with the SEC is particularly noteworthy because it is a very interesting time in the crypto space. Basically, on the day after the world’s ancient cryptocurrency BTC broke through the $20,000 mark for the first time in the history of the world, the exchange announced the registration documents.
The rapid rise of Bitcoin has attracted widespread attention from global mainstream media and the entire financial community. Therefore, Coinbase may use the spotlight on Bitcoin to position itself as the first choice for cryptocurrency on Wall Street.
However, it should be pointed out that Coinbase is not the first blockchain-focused company to conduct an IPO. Other companies such as Marathon Patent Group (a mining company) and Jianan Zhizhi have also embarked on the path of public offerings. There are also reports that San Francisco-based blockchain payment company Ripple is considering listing.
