Coinbase Inc, the cryptocurrency exchange is all set to go public on Nasdaq today at 1:30 PM Eastern time. The reference price was earlier reported to be $250/ share, which is nearly 1/3rd of the pre-IPO share value trading on the FTX exchange earlier today. The price of pre-IPO Coinbase share has now registered a decline on FTX, falling from $600 to $475 at the time of writing. However, a recent Bloomberg report suggests that Coinbase could open at a share price of $340 apiece.
— CoinGecko (@coingecko) April 14, 2021
The early reference price seemed too low for the cryptocurrency exchange gave most of the pre-IPO valuation was suggested well over $100 billion. The valuation of Coinbase at $250/share is lower than the exchange’s annualized revenue.
Many crypto proponents suggest the valuation of $150B is also conservative considering the mammoth first quarter of the exchange putting it on par with the likes of NYSE and Nasdaq.
Coinbase Public Listing a Landmark Moment For Crypto Ecosystem
The ongoing bull run has propelled bitcoin and cryptocurrencies into the mainstream and also skyrocketing their valuation by more than double. Coinbase public listing is a big milestone for the crypto ecosystem since only a year ago cryptocurrencies were seen as taboo subjects.
Brian Armstrong, the CEO, and co-founder of Coinbase recently appeared on CNBC to celebrate the public listing of his company and stressed that Coinbase would lead the way for further crypto adoption and taking cryptocurrencies to the masses. Many experts are calling it a watershed moment for the crypto ecosystem.
People are eagerly waiting for the $COIN to go live for trading as speculations around its valuation are rife. The success of Coinbase could open the floodgates for Bitcoin ETF as well with Gary Gensler all set to take over as the SEC chief.