Crypto Exchange Giant Coinbase to Sell Shares Privately Ahead of Public Offering
According to a recent report, the San Francisco-based cryptocurrency exchange Coinbase is purportedly planning to sell stock on Nasdaq’s private market ahead of the initial public offering (IPO). Coinbase reportedly notified shareholders that they will receive information pertaining to the private sale this week.
Coinbase is the biggest digital currency exchange in the United States and one of the largest trading platforms worldwide. At the time of publication, between BTC and ETH deposits, Coinbase holds over $40 billion in digital assets under management (AUM) according to Bituniverse exchange balance ranks. As far as other digital assets under management the San Francisco exchange recently noted it holds $90 billion AUM in cryptocurrencies.
In mid-December, Coinbase announced the confidential filing of an S-1 initial public offering with the U.S. Securities and Exchange Commission. On Friday, the financial columnist from The Block, Frank Chaparro, reported that Coinbase will sell shares privately ahead of the IPO.
“On Monday, January 25 at noon PT you will receive an email from the Nasdaq Private Market with details, including how you can access the market, what shares are eligible for trading, and how the market will function,” a message allegedly sent to Coinbase shareholders detailed.
Coinbase Pre-IPO Futures Sees Significant Demand, Estimates Show Crypto Company Could Reach a $20 to $70 Billion Valuation
Rumor has it that Coinbase will leverage the financial institution Goldman Sachs to lead the IPO. Moreover, pre-IPO futures (CBSE) are also trading hands on the crypto exchange platform FTX. At the time of publication, CBSE/USD markets on FTX show the pre-IPO futures swapping for $272 per unit. CBSE is one of the largest tokenized stock markets on FTX outperforming the vaccine company’s token stocks on FTX called Moderna (MRNA).
There have been some different predictions in regards to estimating Coinbase’s overall value after the IPO. An analysis from messari.io analyst Mira Christanto details Coinbase “could see the company valued at $28 billion.” Research compiled by The Block estimates the San Francisco firm could reach a $70 billion valuation.
What do you think about Coinbase selling shares privately via Nasdaq’s private market? Let us know what you think about this subject in the comments section below.