Coinbase, a cryptocurrency exchange valued at nearly $77 billion, is about to go public
Cryptocurrency exchange Coinbase has made it easy for Huizhong (ticker: tsla) to buy $15 worth of bitcoin, according to a monthly report from The Block……
What happened: The Elon Musk-led company reportedly made several acquisitions in the first week of the month.
The request for Coinbase to buy MicroStrategy Incorporated (NASDAQ: MSTR) was reportedly sent to various over-the-counter WA systems in the same way
Coinbase’s prime brokerage arm has more than five Fortune 500 companies as clients, a source told The Block.
Why it matters: Cryptocurrency exchange Coinbase had a valuation of nearly $77 billion as it prepared to go public, more than Intercontinental Exchange.
According to CoinDesk, the owner of the New York Stock Exchange (NYSE).
This remarkable exchange valuation comes after BTC hit an all-time high of over $52,000 on Wednesday.
The valuation is based on Coinbase’s private stock, which trades at $303 per share on the Nasdaq Private Market, people familiar with the matter told CoinDesk.
“It was trading at $200 per share in the first week, $301 per share in the second week, and $303 per share in the third week. So the pricing seems self-evident,”the publication said. the source said.
When Coinbase announced plans for an IPO (initial public offering) in December, the company was valued at $8 billion based on a funding round in 2018.
CoinDesk noted that the cryptocurrency exchange had opened an anonymous order book ahead of its direct IPO, with an unspecified date.
When the company finally goes public, nearly 254 million shares of the cryptocurrency exchange will be listed and available for trading, people familiar with the IPO told CoinDesk.
Price Action: Tesla shares closed nearly 0.2% higher at $798.15 on Wednesday, down 0.56% in the aftermarket. For its part, BTC was trading up 6.12% at $52,225.99.
