Coinbase Valued at $90 Billion

Days before it becomes a publicly traded stock on the NASDAQ, Coinbase has already seen its total valuation rise to $90billion. Around December 2020 which also was a major recovery season for the crypto industry, Coinbase declared its intention to enter into the public market and immediately initiated the process by sending the necessary preliminary documents to the Securities and Exchange Commission (SEC). Fast forward to Feb 25 when the application was approved by the commission, shares of the crypto exchange platform became available on NASDAQ’s private market, a classified space limited to few participants. 

However, while the data from such a reserved market may not be used as the basis for predicting future price changes, the sudden upward surge is largely due to speculation in the private market as traders were seen buying shares for as high as $376. Traders all over the world have anticipated the listing with much frenzy as they reckon it would be a groundbreaking event for the crypto industry. 

Coinbase Appreciates by 30%

Interestingly before Coinbase announced its plan to file for exchange listing, it was valued for $77 billion. Compared with current estimation, Coinbase stock has appreciated by almost 30%. According to the top news site, Bloomberg, the present valuation is 3x what researchers earlier expected when the plan was first disclosed.

Analysts had earlier posited that the total value of Coinbase IPO would be worth a little over $28 billion, using criteria such as daily trade volume of institutional investors, Coinbase trading fee, custody fees for users assets, and debit cards.  

A Great Milestone For The Entire Crypto Industry

While countries like China, Russia, Ukraine, etc., are beginning to tone down on their skeptical view of cryptocurrencies, the U.S has rather chosen to maintain its initial stance as an unfriendly place for crypto projects. However, a good number of the most innovative blockchain startups have sprung from the country- Coinbase being one of them.

Despite the unwelcoming attitude of policymakers towards cryptocurrencies, an exchange platform that functions as a digital assets trading site is about to make its way into the list of publicly traded companies.

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