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Coinbase Valuation to Hit $147 Billion – Bigger Than Goldman Sachs: CoinShares CSO

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Tue, 04/13/2021 - 13:20
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Yuri Molchan
CoinShares CSO Meltem Demirors explains why Coinbase valuation in OTC markets looks bigger than Goldman Sachs market cap at the moment
Coinbase Valuation to Hit $147 Billion –  Bigger Than Goldman Sachs: CoinShares CSO
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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 its IPO.

She expects it to rise much higher than $90 billion by the end of the week since it is now already a whopping $147 billion on 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 direct listing totals $90 billion, which is far more than for each of the aforementioned companies.

The Nasdaq is happy to list the shares of the biggest U.S.-based digital exchange to stay competitive with the NYSE, CNBC believes.

Coinbase stocks have so far been trading on private markets and, according to Demirors, the company's valuation on OTC platforms is $147 billion at the moment. She expects it to officially rise 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 without a predetermined price. After direct listing, the share price is set depending on the supply and demand for the stocks.

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Related
Bitcoin Reaches New All-Time High of $62,700: Possible Reasons

Coinbase IPO driving Bitcoin above $63,000 toward $70,000

On Monday, April 12, the global flagship cryptocurrency surged to hit the $61,200 level driven by the FOMO of the approaching Coinbase direct listing.

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Today, BTC went higher and hit two new all-time highs in a row: first $62,700, then $63,000.

There have been smaller factors for this as well; however, experts believe that the Coinbase IPO on April 14 has played a major role here.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.