In a revised S-1 filing released today, Coinbase shared that its private shares currently trade at $343.58. That puts the cryptocurrency exchange at a staggering $68B valuation, a 750% increase from its October 2018 valuation.
However, Nasdaq will only use that private valuation as a source of information for a reference price, not as an absolute. Matthew Kennedy, Senior IPO Market Strategist at Renaissance Capital, noted:
Those secondary market shares sales help give a ballpark of where they may be valued in the public market, but we put less weight on them than say, if the company had raised money from new investors at that level.
Coinbase reported $322M in profit last year from revenue that has more than doubled since 2019, totaling $1.1B.
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Morgan Stanley’s Crypto Funds
Morgan Stanley just announced a fun new perk for its wealthiest clients— access to one of three Bitcoin funds.
The funds, two of which are run by Galaxy Digital and the other by FS Investments/NYDIG, will be offered to clients with “aggressive risk tolerance.”
In 2017, Morgan Stanley CEO James Gorman was one of the first Wall Street leaders to validate Bitcoin, claiming it was “more than just a fad.”Now, the bank will be the first of the big 6 to offer its best customers access to the digital currency.
Here’s Bloomberg with more info.