Cryptocurrency exchange Coinbase will become a publicly-traded company today. Coinbase suggested that, based on private transactions, it could be worth around $70B, but analysts say the San Francisco-based company could be valued at over $100B.
- Coinbase's IPO comes after Bitcoin traded at over $63,000 on Tuesday, a new record.
- The company's stock market debut will add legitimacy to cryptocurrencies, which are increasingly becoming mainstream.
- Major corporations including Tesla, PayPal, and Visa have started accepting cryptocurrencies.
- Experts said that Coinbase's shares will probably be popular with retail and hedge fund investors, but some institutional investors say they will stay away from them due to the volatility of the cryptocurrency market.
- Coinbase had 43 million verified users in the U.S. by the end of 2020, including approximately 2.8 million who were making transactions monthly.
- Last week Coinbase said it made $1.8B in revenue in the first quarter, which compares with annual revenue of $1.3B in 2020.
- Coinbase's shares will trade under the COIN ticker on the Nasdaq.