Coinbase Sets Direct Listing Reference Price At $250/Share, Valuing the Company At As Much As $65 Billion
An anonymous reader quotes a report from TechCrunch: Coinbase, the American cryptocurrency trading giant, has set a reference price for its direct listing at $250 per share. According to the company's most recent SEC filing, it has a fully diluted share count of 261.3 million, giving the company a valuation of $65.3 billion. Using a simple share count of 196,760,122 provided in its most recent S-1/A filing, Coinbase would be worth a slimmer $49.2 billion. Regardless of which share count is used to calculate the company's valuation, its new worth is miles above its final private price set in 2018 when the company was worth $8 billion. Around four years ago in 2017 Coinbase was worth just $1.6 billion, according to Crunchbase data. For investors in that round, let alone its earlier fundraises, the valuation implied by a $250 per-share price represents a multiple of around 40x from the price that they paid. "The Coinbase direct listing was turbocharged recently when the company provided a first-look at its Q1 2021 performance," adds TechCrunch. "As TechCrunch reported at the time, the company's recent growth was impressive, with revenue scaling from $585.1 million in Q4 2020, to $1.8 billion in the first three months of this year. The new numbers set an already-hot company's public debut on fire."
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