Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

The major exchange is inching closer to a public offering.

Prominent Bitcoin (BTC) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction.

Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90–$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350.

A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time.

The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq platform. Coinbase announced its intention to launch an initial public offering in mid-2020, before filing registration with the SEC in December.

Having launched in 2012, Coinbase represents one of the most long-standing cryptocurrency exchanges in the business. It currently processes the second-most trade volume among centralized exchanges and was recently revealed to store coins with a value equating to 11% of the total crypto market capitalization for its customers.

Bloomberg, which claimed to have received the latest share prices from an anonymous source, notes that pre-IPO market activity is not always an accurate representation of how the stock will trade when it goes live. Restrictive trade volumes in private markets don’t accurately convey live open market conditions.

from https://ift.tt/3em6cjH
https://ift.tt/2PQiTt3

Comments

Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund

Blockchain VC investment firm Hashed is seeking $173 million for a second fund. One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the success of the initial one which netted $120 million from investors in December 2020 . Specifics regarding the new fund and its potential investors are thin on the ground however. Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing. It has attracted big-name financiers such as Naver, South Korea’s third-largest company by market value, which invested $12 million in the first Hashed blockchain fund. The Seoul-based compan...

Chinese banks tell staff to recruit up to 300 new digital yuan users each

Six of China’s top banks have tasked their employees with promoting digital yuan wallets to between 200 to 300 people a year. Chinese banks have begun a hard sell of digital yuan wallets, asking staff to recruit hundreds of new users each year. According to a translation of a June 6 article from Shenlian Caijing, employees of top banks such as the Industrial and Commercial Bank of China and the Bank of Communications, along with four other state-owned banks, have been instructed to promote digital yuan wallets to an average of 200 to 300 people a year. To entice new users, employees are able to offer an odd variety of small gifts, such as “laundry detergent, data cables, card holders, Chinese knots, umbrellas, and tissues.” The banks have included the task of promoting the central bank digital currency (CBDC) on employee evaluations, with the number of CBDC wallet recruits determining each branch's end of year bonuses. Essentially the banks have deployed an incentive scheme ...

Crypto Coin Search

Search This Blog