Published , by TJ Denzer
Published , by TJ Denzer
As cryptocurrency continues to see a major rise in value and relevancy among global markets, so too do the means of which to trade these various currencies. For quite some time now, Coinbase has acted as an exchange platform with which users can invest in various cryptocurrencies including the popular Bitcoin. Coinbase is currently planning for a listing on the U.S. stock market and its most recent valuation was placed at a pretty astounding $68 billion.
The $68 billion valuation of Coinbase was revealed in a recent regulatory filing by the company, as reported by Reuters. According to the filing, Coinbase claimed it’s private market shares were valued at $343.58 a share as of March 15, 2021. This was a massive rise from a previously reported share value of $28.83 per share back in September 2020. The recent for this surge in valuation? Largely Bitcoin. The popular cryptocurrency has, itself, seen a massive surge in valuation, pushing the cryptocurrency market over $1 trillion in overall valuation and running at over $54k in single unit value on the support of Elon Musk and investment and adoption as acceptable payment tender by Tesla.
Coinbase’s $68 billion valuation bodes well ahead of the platform’s planned efforts to go public on the U.S. stock market in the near future. As one of the primary exchanges of cryptocurrencies boasting around 43 million users in nations around the world, Coinbase’s listing would be a massive boost in representation of the cryptocurrency market as a whole as it works to gain the trust of regulators and mainstream investors and traders. Coinbase is still awaiting approval of regulatory officials to go ahead with a public direct listing in the market as of this writing.
Either way, with Coinbase’s recent $68 billion valuation, it’s another sign that the cryptocurrency market is looking stronger than it has ever looked before. Stay tuned as we await further news and information about Coinbase’s moves towards a public listing.