Media: Coinbase helped Tesla buy $1.5 billion in Bitcoin

Elon Musk’s Tesla invested $1.5 billion in the first cryptocurrency in early February with the help of the American bitcoin exchange Coinbase. The Block writes this, citing sources.

They say the trading platform bought the coins through a number of over-the-counter venues over several days.

Sources said the service is Coinbase’s brokerage service, built on the Tagomi platform, which the exchange acquired in May 2020.

In December, the platform similarly helped analytics software provider MicroStrategy invest $425 million in bitcoin. According to sources, more than five Fortune 500 companies are clients of the service.

At the end of January 2021, Coinbase filed with the U.S. Securities and Exchange Commission a Form S-1 registration statement for an initial public offering.

Later, reports said the exchange chose Nasdaq as the platform for going public via a direct listing.

As reported, the price of Coinbase stock futures on the FTX platform rose to $369, implying a potential valuation of the company $92.2 billion.

Based on the price of shares traded on the Nasdaq Private Market’s secondary market, this figure is $77 billion.

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