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Nasdaq Private Market values Coinbase at $77 billion

  • Coinbase gets a valuation of $77 billion after its shares traded at more than $300 apiece.
  • The exchange is preparing for a public direct listing in the coming months.
  • Millions of dollars in Coinbase shares have been traded over the past few weeks.

Coinbase, a U.S.-based cryptocurrency exchange eyeing a public listing in the next few months, is valued at $77 billion by Nasdaq Private Market.

The valuation is based on the price of the exchange’s private shares trading on secondary markets.

Higher valuation than the ICE

The private shares for the cryptocurrency exchange are trading at $303 per at the Nasdaq Private Market, according to information provided by two sources familiar with the matter.

“The third weekly transaction closed on Friday and the clearing price was $303 a share,” revealed a source.

The source added that Coinbase’s share price has been rising over the past few weeks.

“The first week it was 200 bucks a share, the second week it was $301 a share, and the third week it was $303 a share. So you can kind of see price discovery happening.”

At this price per share, Coinbase is valued at $77 billion, which is bigger than that of the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).

Trading at $113.86 per share, ICE has a market cap of $63.96 billion, Yahoo Finance data shows.

Coinbase shares are trading higher on FTX than on Nasdaq Private Market, with each share going for $392. 

Per FTX’s share price, Coinbase is valued at around $97 billion.

Coinbase’s anonymous order book

The exchange was not at liberty to comment on the price action of its shares.

The Coinbase private market is running an anonymous order book as the exchange gears up for a public listing at an unknown date.

The sale offers former and current employees of the trading platform, as well as its investors, to cash out.

Coinbase has raised $547.3 million in funding from 59 investors that include Andreessen Horowitz, True Capital Management, Chainfund Capital, and more.

The exchange plans to sell around 254 million when it goes public.

Coinbase carries crypto community hopes

The hopes for the exchange’s listing are high within the crypto community, especially now when bitcoin’s price is soaring high.

The source revealed that the trading of the exchange’s shares has seen large amounts of money changing hands.

“It’s not like a handful of shares being exchanged at $300 a share. Each week it’s tens of millions of dollars, a pretty sizable amount.”

The crypto industry is filled with optimism as institutional capital flows in the sector. The first bitcoin ETF was recently launched in Canada.

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