The US-based Crypto exchange Coinbase is valued at just over $100 billion before its public listing. According to data from Nasdaq Private Market shows a secondary market this week for Coinbase equity saw a clear average price of $373 per share, which would value the crypto exchange at $100.3 billion. The average clearing price for shares on Nasdaq Private Market continues to tick higher since the first secondary sale four weeks ago.
Nasdaq enables secondary offerings for Coinbase stock.
Nasdaq has enabled a secondary offering for Coinbase stock, a process that allows ex-employees and investors of the crypto exchange to sell their shares. The secondaries start Monday morning and end Thursday afternoon each week. The auctioning and clearing process happens after the close, and results are posted Friday morning. The bidders’ identities are not clear at this time, but a source said that they are likely large investment firms. With the current valuation, Coinbase could go public at a higher initial valuation than any other U.S. tech company since Facebook.
Coinbase generated $691 million in revenue for the first nine months of 2020.
According to documents shared with investors, the US-based crypto exchange Coinbase generated $141 million of net income on $691 million in revenue for the first nine months of 2020. Sizable resting bids came in throughout the most recent secondary offering. However, buyers don’t need to pre-fund their account and can bid at whatever price they want. The crypto exchange also disclosed a $30 million net loss on $530 million in revenue for full-year 2019. The initial batch of 75,000 shares was sold on Jan. 29 at $200 per share.