FTX traders value Coinbase at $92.2 billion ahead of IPO

The price of Coinbase stock futures traded on the FTX platform rose to $369. This implies a possible valuation of the bitcoin exchange at $92.2 billion after Nasdaq listing via direct listing.

Coinbase is set to become listed on Nasdaq sometime shortly and the pre-IPO contract on @FTX_Official gives @coinbase an implied valuation of $92.2 billion.

A valuation of $92 billion equals around 10% of the current bitcoin market cap.

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— Arcane Research (@ArcaneResearch) February 17, 2021

The corresponding FTX launched on December 22. Since then the company\’s valuation has risen more than 50%. Arcane Research analysts expect that the initial public offering could take place in late February or early March.

“The $92 billion valuation corresponds to 10% of Bitcoin\’s market capitalization and places Coinbase on par with companies such as Snapchat and Lockheed Martin in this regard. The market value of one of Wall Street\’s leading investment banks, Goldman Sachs, is only about $13 billion higher than the bitcoin exchange\’s figure,” the analysts wrote.

The daily volume of trading the contracts is only $47,000, which may distort the real picture.

According to CoinDesk sources, on the Nasdaq Private Market platform on February 12 Coinbase shares closed at $303. In three weeks the price rose from an initial level of $200. Together with 254 million outstanding shares this implies a valuation of about $77 billion.

Sources told the publication that there is "significant" trading activity around Coinbase shares on Nasdaq Private Market, despite only 0.5% of the issuance being freely tradable.

“It's not a handful of shares moving at $300 apiece. Every week tens of millions of dollars, a fairly sizable volume,” they explained.

Back in December, Messari analysts conservatively valued Coinbase at $28 billion.

The first rumors about the company lining up a stock market listing, according to Reuters appeared in July last year.

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