Coinbase Valuation to Hit $147 Billion – Bigger Than Goldman Sachs: CoinShares CSO
CoinShares CSO Meltem Demirors explains why Coinbase valuation in OTC markets looks bigger than Goldman Sachs market cap at the moment
During a recent episode of CNBC’s Squawk Box, Chief Strategy Officer at CoinShares, Meltem Demirors, shared her vision regarding the valuation of Coinbase after the IPO.
She expects it to increase way higher than $90 billion by the end of the week, since now it is already a whopping $147 billion in private markets.
This is bigger than the Goldman Sachs market capitalization of $113.79 billion.
“Coinbase bigger than Goldman Sachs”
The conversation was about the upcoming Coinbase direct listing on the Nasdaq, which will be the first event like this for this platform.
Direct listings of such companies as Roblox, Spotify, Slack and Palantir took place on the New-York Stock Exchange. The valuation of Coinbase for the direct listing totals $90 billion, which is way more than each of the aforementioned companies.
The Nasdaq is happy to lit the shares of the biggest US-based digital exchange to stay competitive with the NYSE, CNBC believes.
Coinbase stocks have so far been trading in private markets and, according to Demirors, the company’s valuation on OTC platforms is $147 billion at the moment. She expects it to rise officially this high from $90 billion by the end of the week.
Coinbase stocks will be trading on the Nasdaq under the COIN ticker.
Unlike with an IPO, at a direct listing shares begin trading not at a predetermined price. After direct listing, share price is set depending on the supply and the demand for the stocks.
Coinbase IPO driving Bitcoin above $63,000 towards $70,000
On April 12, Monday, the global flagship cryptocurrency surged to hit the $61,200 level driven by the FOMO of the approaching Coinbase direct listing.
Today, BTC went higher and hit two new all-time highs in a row – first it was $62,700 and then BTC surpassed the $63,000 level.
There have been smaller factors for this as well, however, experts believe that the Coinbase IPO on April 14 has played the major part here.