![]() Coinbase’s value is close to the combined market value of Nasdaq Inc., which runs the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange.įounded in 2012, Coinbase became popular among cryptocurrency fans by providing them with an easier way to exchange shares of Bitcoin and other digital currencies. companies - just 93 companies in the S&P 500 index have a higher market value. That market value makes Coinbase one of the biggest publicly traded U.S. That puts Coinbase's market value at $85.78 billion. ![]() Shares of Coinbase are listed on the Nasdaq under the ticker “COIN,” and closed at $328.28, up 31% from the $250 reference price set by Nasdaq ahead of the first trade. Bitcoin’s price topped $64,000 on Wednesday, up from $29,000 at the start of the year, and Coinbase said recently that first-quarter revenue should total around $1.8 billion, exceeding its revenue for all of 2020. The San Francisco-based company’s listing on a public stock exchange is seen by some as an inflection point for digital currencies, as Coinbase’s fortunes are closely tied to Bitcoin, the most popular cryptocurrency. Digital currencies are being incorporated into business plans and accepted for payment by major corporations like Tesla, PayPal and Visa. Related: Court Denies SEC's Request Seeking Years of Financial Records From Ripple Execsīut a source familiar with the matter confirmed QueensBridge remains on the Coinbase cap table.Coinbase made a rousing debut on Wall Street Wednesday, with shares of the digital currency exchange rising as high as $429, briefly giving it a market value over $100 billion.Ĭoinbase Global Inc.‘s initial public offering happened with cryptocurrency chatter seemingly everywhere, even at the U.S. Saleh and Jones did not return requests for comment. If Coinbase shares trade at investment bank DA Davidson’s new price target of $440, QueensBridge could see the value of its Coinbase stake rise to $43.7 million and $218.5 million, respectively. ![]() QueensBridge, which was also a backer of Robinhood in 2013 and later Lyft and Dropbox, makes early-stage investments of between $100,000 and $500,000, according to Jones’ QueensBridge co-founder Anthony Saleh.ĭividing the firm’s $100,000–$500,000 stake by the share price at the time of Coinbase’s Series B ($1.00676) points to QueensBridge owning around 99,329 shares on the low end or 496,642 on the high end, according to an analysis by CoinDesk.Īt the price that Coinbase shares last traded on private secondary markets – $350 per share – Jones’ firm would have a pot of somewhere between $34.76 million and $173.8 million. Related: Ex-CIA Director Says Criminals Will Move Away From Bitcoin in New Lobbying Group's First Report The Nas news shows just how far Coinbase’s public listing will ripple across the world of venture capital, with everyone from Wall Street veterans to A-list celebrities all standing to win big when the chips fall this week. ![]() Around that time Coinbase was valued at about $143 million, according to PitchBook. Jones’ investment firm, QueensBridge Venture Partners, got into Coinbase’s Series B round back in 2013 when it raised $25 million. rapper Nasir Jones (better known by his stage name, Nas) is among the fortunate few to have made early investments in Coinbase, the cryptocurrency exchange expected to reach over $100 billion in valuation when its COIN stock lists on Wednesday.
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