Coinbase valued at $90 billion in a private auction before the public listing.

Shares of Coinbase were traded at a valuation of roughly $90 billion in a private auction before the public listing of the high-profile US company.

US-based crypto exchange giant Coinbase’s shares were traded at a valuation of roughly $90 billion in a private auction before the public listing of the high-profile US cryptocurrency company. According to a Bloomberg report, Nasdaq Private Market conducted the private auction that ended last Thursday, which is also the last private auction of Coinbase stocks conducted by the stock exchange.

 

Each share of Coinbase traded at $350 apiece.

According to the report, each share of the cryptocurrency exchange at $350 apiece, down from the previous auction price of $375. The price increase skyrocketed the cryptocurrency exchange valuation at around $100 billion, the anonymous sources of the publication revealed. Coinbase is the largest crypto exchange in the United States and the top fiat-based crypto trading platform globally. The US-crypto exchange had raised $500 million from big Silicon Vally names since its launch back in 2012. Coinbase’s S-1 filing with the US Securities and Exchange Commission (SEC) was made public earlier this year. 

 

The exchange ended 2020 with total revenue of $1.3 billion.

The crypto exchange ended 2020 with total revenue of $1.3 billion. It netted an income of $322.3 million last year, pivoting from a loss of $30.4 million in 2019. Its operating expense also jumped last year to $868.5 million from 2019’s $579.5 million. Though the public listing of the crypto exchange was rumored for a long time, Coinbase officially announced its intentions to go public with a direct listing on Nasdaq, which will be the stock exchange’s first such listing. Nasdaq’s private auction was a standard practice followed by stock exchanges ahead of the direct listing to set a reference price for the investors.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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