London Daily

Focus on the big picture.
Saturday, May 31, 2025

Coinbase valuation pegged at $68 billion ahead of landmark U.S. listing

Coinbase valuation pegged at $68 billion ahead of landmark U.S. listing

Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said on Wednesday recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing.

The eye-popping valuation underscores how the perceived value of Coinbase has rallied in lock-step with the surge in the price of cryptocurrency bitcoin.

In a regulatory filing, Coinbase said its stock in the private market traded at a weighted average price of $343.58 in the first quarter of 2021 through March 15. In the third quarter ended Sept. 30, Coinbase’s stock traded at an average of $28.83 per share for a valuation of $5.3 billion.

That represents a nearly 13-fold jump in its valuation in the space of a few months. According to data platform PitchBook, Coinbase was valued at a shade over $8 billion during its last private fundraise in October 2018.

Coinbase’s implied valuation eclipses that of New York Stock Exchange parent Intercontinental Exchange Inc (ICE), Nasdaq Inc and the London Stock Exchange, and puts it $4 billion short of futures exchange operator CME Group.

Coinbase’s latest valuation is almost 53 times its revenue in 2020. By comparison, ICE currently trades at a 10.67 price-to-sales ratio, according to Refinitiv data.

The latest filing from Coinbase also signals heightened confidence that the listing will be approved by regulators.

A successful listing by Coinbase, whose business is primarily focused on digital currencies, would represent a landmark victory for cryptocurrency advocates vying for endorsement for a sector that has struggled to win the trust of mainstream investors, regulators and the general public.

It could also be seen as a tacit regulatory approval of assets traded on Coinbase’s platform. The company has more than 43 million users in more than 100 countries.

Coinbase did not indicate in the latest filing if it had received approval from regulators that would allow it to trade cryptocurrencies that have been classified as securities in the United States.

CRYPTO HIGHS


San Francisco-based Coinbase’s potential listing also comes as the value of bitcoin continues to surge; it hit a record high of $61,781.83 on Saturday. The price of the digital currency has fallen since then as investors consolidated gains and on news of plans by India to ban cryptocurrencies.

A regulatory filing last month, which provided the first detailed look at Coinbase’s finances since it was founded in 2012, showed it swung to a profit last year as bitcoin surged.

Coinbase, among the most well-known cryptocurrency platforms globally, has registered about 114.9 million shares for its listing, according to its filing.

The low and high sale price per share in the private market was $200.00 and $375.01, respectively, in the quarter through March 15.

In December, Coinbase confidentially submitted paperwork with the U.S. regulator to go public through a direct listing. This means it is not selling any shares ahead of its market debut.

Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×