In a recent private market share sale ahead of its upcoming public listing, Cryptocurrency Exchange Coinbase was estimated at just over $100 billion.
Before its public listing, the US-based Crypto Exchange Coinbase was estimated at just over $100 billion. A secondary market for Coinbase equity this week saw a clear average price of $ 373 per share, which would value the crypto exchange at $ 100.3 billion, according to Nasdaq Private Market data. After the first secondary sale four weeks ago, the average clearing price for Nasdaq Private Sector shares is still ticking higher.
For Coinbase stock, Nasdaq makes secondary offerings.
Nasdaq has made a secondary listing possible for Coinbase stock, a mechanism that helps the crypto exchange to sell its shares to ex-employees and investors. The secondary sessions begin every week on Monday morning and end on Thursday afternoon. After the close, the auctioning and clearing process occurs, and results are reported Friday morning. The identities of the bidders are not clear at this point, but a source said they are probably major investment firms. Coinbase could go public with the latest valuation at a higher initial valuation than any other U.S. tech company after Facebook.
For the first nine months of 2020, Coinbase produced $691 million in revenue.
The US-based crypto exchange Coinbase generated $141 million of net income on $691 million in revenue for the first nine months of 2020, according to documents shared with investors. Throughout the most recent secondary sale, substantial resting offers came in. Buyers don’t have to pre-fund their account, however, and can bid at whatever cost they choose. A $30 million net loss on $530 million in sales for full-year 2019 was also announced by the crypto exchange. At $200 per share, the initial batch of 75,000 shares was sold on Jan. 29.