Coinbase IPO: Crypto Exchange Platform Readying For Public Listing

Cryptocurrency exchange platform Coinbase is readying itself for public trade listing in the coming few months. The company stood at a value of $77 billion based on trading the company’s privately held shares in a secondary market. It acquired the valuation from Nasdaq Private Market.

The mentioned shares in the U.S.’s largest crypto exchange platform are exchanged on the Nasdaq Private Market at a value of $303 per piece. That states a company valuation of about $77 billion, which is superbly greater than the Intercontinental Exchange Inc. – the New York Stock Exchange owner. “The third weekly transaction process closed on Friday with a clearing price of $303 per share,” stated a source. “In the initial week, it stood at 200 bucks per share, in the second week it stood at $301 per share, and in the third week, it stood at $303 per share. So you can see the kind of price discovery that is happening in the market.”

Coinbase IPO Cryptocurrenct Exchange

Coinbase company, on its part, declined to comment.

The private market of Coinbase Company is conducting an anonymous order book ahead of its direct public listing. The date for the public listing hasn’t been confirmed yet. The sale enables the current and former employees and the investors in Coinbase to earn cash off the table. A staggering amount of 254 million shares in Coinbase will be ideal and freely available to trade when the firm goes public. The pre-IPO futures contracts of Coinbase were initially trading on the crypto derivatives exchange FTX at around $386.  

With news of the cryptocurrency platform going public, many within the crypto community are pinning their hopes on positivity. And especially with the price of bitcoin (BTC, +0.39%) growing above $50,000. There is also a continuous argument that the 100% valuation of a company will be significantly different from the valuation of a half part of the total shares. However, the secondary selling of shares that Coinbase effectively sponsors in the past few weeks has witnessed “meaningful amounts” changing hands. “It didn’t seem that a handful of shares were exchanged at $300 per share. Every week witnessed around tens of millions of dollars, which is a pretty sizable amount,” stated the source.

P.S: More information about Coinbase’s finances will reveal when the confidential S-1 the company with U.S. Securities and Exchange Commission will come out as public in the following weeks.

Coinbase Opens its Waitlist for Ethereum 2.0 Staking

The waitlist for Ethereum 2.0 staking by Coinbase is live! Coinbase customers can now quickly sign up to and stake their ETH (+6.27%) into the Beacon Chain program smart contract. That is the coordinator and bridge between the old Ethereum and the new Ethereum 2.0, Coinbase’s momentous migration into a proof-of-stake network. The recent upgrade will eradicate any proof-of-work mining that occurs in favor of staking. Earlier customers required 32 ETH to operate on a validator node for Ethereum’s new blockchain. But now, Coinbase will enable their customers to stake any amount of ETH in their accounts. Rhea Kaw, a senior product manager in Coinbase, stated that Coinbase users can now earn up to 7.5% APR on their staked ETH.

However, this depends on the Ethereum network’s variable rate of return. In exchange, Coinbase “acquires a specific commission on all rewards received by the users, and the return rate for the Coinbase customers reflect this essential commission,” Kaw stated. As per the User Agreement of Coinbase, the staking commission stands at 25% of the total rewards received. Apart from staking in Ethereum, Coinbase users can also put their stakes on Algorand, Cosmos, and Tezos tokens.

Subscribe to the nation’s fastest-growing CEO magazine to get the latest business news delivered to your inbox.  

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

McDonald’s expands test with McPlant Burger to 600 New Locations

McDonald’s expands test with McPlant Burger to 600 New Locations

The McPlant Burger is coming to nearly 600 McDonald’s outlets in the Bay Area and Dallas-Forth Worth starting February 14.
8 hours ago
Google’s Online Services Team Grapples with Mental Health Crisis

Google’s Online Services Team Grapples with Mental Health Crisis

In a 2019 internal document obtained by Recode, many employees attest to being demoted, ostracized, or assigned to less desirable projects for speaking out.
9 hours ago
GM Offers Fans a Sneak-Peak of the New Cadillac Escalade V-Series SUV

GM Offers Fans a Sneak-Peak of the New Cadillac Escalade V-Series SUV

The running lights, too, have a classier, sporty design. Cadillac aptly captioned the video “Power has a sound – and it’s a roar.”
1 day ago
We’re in the end of a ‘superbubble,’ says Jeremy Grantham

We’re in the end of a ‘superbubble,’ says Jeremy Grantham

The U.S. is fast approaching the end of a “superbubble” spanning across real estate, stocks, bonds, commodities, as per iconic investment guru, Jeremy Grantham.
1 day ago
Cryptocurrency Scammers Promise Fake Amazon Tokens to Rob Buyers

Cryptocurrency Scammers Promise Fake Amazon Tokens to Rob Buyers

A report by blockchain data platform Chainalysis reveals that nearly $14 billion in cryptocurrency were sent to illicit addresses in 2021.
3 days ago
Neuralink Looks for a Clinical Trial Director to Direct Its Next Step

Neuralink Looks for a Clinical Trial Director to Direct Its Next Step

Musk had previously revealed that he hopes the company will be able to address a wide range of neurological problems – ranging from addiction to paralysis.
4 days ago