NASDAQ values Coinbase at $77 billion

Coinbase is currently valued at $77 billion as the cryptocurrency exchange prepares to go public

The US-based cryptocurrency exchange Coinbase is preparing to go public in the next few months. The company is currently valued at $77 billion, based on its privately held shares on the NASDAQ private market.

Sources familiar with the auction revealed that the Coinbase shares on the NASDAQ private market were trading at $303 per share. Trading the Coinbase shares at that value gives the company a valuation of $77 billion, making it larger than Intercontinental Exchange, the New York Stock Exchange owner.

A source told Coindesk that transactions for the third week ended on Friday, and the clearing price for the company was $303 per share. The source points to a price discovery happening with Coinbase’s shares after it recorded growth in the first three weeks. In the first week, Coinbase shares were changing hands at $200; this rose to $301 in the second week and $303 in the third week. Coinbase would have around 254 million shares available to trade when the company goes public, one of the sources added.

The initial public offering (IPO) date is still unknown, but the Coinbase private market operates an anonymous order book. This process allows investors and employees to sell some of their shares and make money.

Coinbase is one of the earliest and leading cryptocurrency exchanges in the United States. The exchange is known for providing access to the cryptocurrency market to retail and institutional investors. Unlike Binance that became popular by listing a wide range of cryptocurrencies, Coinbase has maintained a more controlled platform by only listing few credible cryptocurrencies.

The cryptocurrency exchange intends to go even bigger over the coming months and years. According to The Block, Coinbase’s institutional trading wing was tasked with processing Tesla’s $1.5 billion BTC investment earlier this month.

The report adds that Coinbase also handled MicroStrategy’s early allocations. At the moment, Coinbase has five Fortune 500 firms as clients. With more corporate entities expected to venture into the crypto market in the coming months and years, Coinbase could play a crucial role in handling transactions on behalf of these companies.