US Exchange Coinbase delays its public listing to April while still being one of the first businesses to be offered to the public in the country so let’s see why the delay in our latest coinbase news.
The US Exchange Coinbase delays its public listing according to sources from Bloomberg. The exchange is valued at $68 billion with some analysts thinking that its true valuation is over $100 billion. It is considered to be one of the most reputed exchanges in the crypto space given its regulatory status and its wide approach.
According to the filing last month, Coinbase said that the stocks traded in the private market at an average price of $343 in the first quarter of the year until March 15. This is almost ten times the increase since the third quarter of the year but the exchange also said that in the period until September, its stock traded at an average of $28 per share with a valuation of $5.3 billion.
With the $68 billion valuations, the exchange is bigger than the New York Stock Exchange ICE, the London Stock Exchange, Nasdaq, and the Chicago Mercantile Exchange Group. Coinbase trades over 53 times in revenue this year and ICE on the other hand trades at a 10.67 price-to-sale ratio. The jump is in line with the rise of BTC and other cryptocurrencies as in the past few months we’ve seen some crazy price action. The data from Coingecko shows that the entire crypto market was valued under $600 million last year but reached a valuation of over $1.8 trillion.
The exchange was founded in 2021 by Brian Armstrong and it is one of the earliest crypto businesses that raised millions of dollars in the upcoming years from established venture funds like Tiger Global, Y Combinator, and Andreessen Horowitz. The initial plan was for an IPO to occur in 2020 and then it announced the direct listing earlier this year.
The latter is when shares of the company are offered directly to the public via a traditional exchange, unlike the traditional IPO route where new shares are underwritten and sold. In the meantime, the listing would be a huge one given its regulatory outreach and public support of crypto. While for some, it’s an approval of the many crypto assets traded on the platform.
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