TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Willington Ngwepe to step down as Icasa CEO

      10 August 2022

      Samsung unveils its latest foldable smartphones

      10 August 2022

      Cape Town’s DataProphet expands funding to R165-million

      10 August 2022

      The tech proves it: South African women are better drivers than men

      10 August 2022

      BT, Seacom sign ‘strategic alliance’ for enterprise services

      10 August 2022
    • World

      Jumia says it’s past peak losses, shares jump

      10 August 2022

      Elon Musk sells $6.9-billion of Tesla to avoid Twitter fire sale

      10 August 2022

      Nvidia issues profit warning on slump in demand for graphics cards

      8 August 2022

      Buterin: Mining on Ethereum Classic won’t affect Merge

      8 August 2022

      Musk challenges Twitter CEO to a public debate

      7 August 2022
    • In-depth

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022

      Webb telescope’s stunning images of the cosmos

      12 July 2022
    • Podcasts

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022

      Demystifying the complexity of AI – fact vs fiction

      6 July 2022
    • Opinion

      SIU seeks to set aside R215-million IT tender

      19 July 2022

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»Sections»Cryptocurrencies»Coinbase valuation pegged at $68-billion ahead of landmark listing

    Coinbase valuation pegged at $68-billion ahead of landmark listing

    Cryptocurrencies By Agency Staff17 March 2021
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    Coinbase Global, the largest US cryptocurrency exchange, said on Wednesday that recent private market transactions had valued the company at around US$68-billion (R1-trillion) 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 shares in the private market traded at a weighted average price of $343.58 apiece in the first quarter of 2021 to 15 March, up from $28.83/share in the third quarter ended 30 September.

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

    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.

    The latest filing from Coinbase also signals heightened confidence that the landmark 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.

    43 million users

    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 US.

    San Francisco-based Coinbase’s potential listing also comes at a time when 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 had swung to a profit last year as bitcoin surged.

    A clutch of other crypto firms including Cipher Mining Inc are pushing ahead with listing plans despite regulatory uncertainty.

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

    The low and high sale price per share in the private market was $200 and $375.01, respectively, in the first quarter to 15 March, Coinbase said.

    In December, the company confidentially submitted paperwork with the US Securities and Exchange Commission to go public. Coinbase is planning to go public through a direct listing rather than a traditional initial public offering. This means the company is not selling any shares in advance of its market debut, as is the case with IPOs.  — Reported by Noor Zainab Hussain and Joshua Franklin, with writing by Anirban Sen, (c) 2021 Reuters

    Coinbase Coinbase Global
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleSA businesses adopted hybrid cloud at increasing rate in 2020
    Next Article Google to cut app store fees for developers

    Related Posts

    Willington Ngwepe to step down as Icasa CEO

    10 August 2022

    Samsung unveils its latest foldable smartphones

    10 August 2022

    Cape Town’s DataProphet expands funding to R165-million

    10 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    How secure is your cloud?

    10 August 2022

    5 ways to make attack-path management more manageable

    10 August 2022

    Smart homes need even smarter Wi-Fi

    10 August 2022
    Opinion

    SIU seeks to set aside R215-million IT tender

    19 July 2022

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.