Coinbase heads for $91 billion valuation in Nasdaq debut By Reuters


© Reuters. FILE PHOTO: FILE PHOTO: A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration


(Reuters) -Cryptocurrency exchange Coinbase Global Inc was set to be valued at more than $91 billion in a stock market debut on Wednesday that marked another big milestone in the development of bitcoin and other digital assets.

At 10:21 a.m. ET, the company’s stock was indicated to open at $350, up 40% from a reference price of $250 per share, making its implied value more than three times that of exchange operator Nasdaq.

The listing, launched directly to investors instead of through a traditional IPO process run by banks, marks a victory for digital currency advocates in a year that has seen a clutch of mainstream, top-tier firms dive into the space.

The San Francisco-based firm’s value has surged in line with bitcoin’s own huge gains: the world’s best known digital currency hit a record of $62,741 on Tuesday.

In a direct listing, no shares are sold ahead of the debut and the company lists directly on the exchange. U.S. gaming platform Roblox Corp also went public through a direct listing last month.

Coinbase had confidentially filed paperwork to go public in December.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.