Coinbase Stock Price Continues to Rise Ahead of Public Listing
2 min read
Crypto exchange Coinbase’s pre-IPO shares have continued to rise following the release of its S-1 regulatory filing on Thursday.
The shares, which trade under the ticker CBSE, were today up 2.41% at the time of writing—trading at $395 on crypto derivatives trading platform FTX. About a month ago, a share was worth just $272, meaning that the shares have risen in price by 45% in the past month.
But just $71,628-worth of CBSE has been traded in the past 24 hours, according to FTX data.
FTX, the crypto trading platform run by billionaire Sam Bankman-Fried, is allowing people to invest in Coinbase before it goes public on the Nasdaq. To do this, it’s issued a pre-listing futures contract market. Coinbase shares on the Nasdaq will be available in the coming weeks.
Right now, there is a secondary market for Coinbase stock available on the Nasdaq Private Market. This means those with vested equity, such as Coinbase employees, can trade shares ahead of the public listing.
It isn’t currently clear how much the private stock is going for—Decrypt asked Nasdaq for the data but hadn’t received a reply by the time this story went live. But The Block last week reported that shares had a settlement price of $373—valuing the firm at $100.3 billion.
There has been a lot of hype around the Coinbase public listing. The price of Bitcoin shot up from $50,447 to a high of $51,982 immediately after Coinbase released the financial details of the listing on Thursday.
The document, filed with the US Securities and Exchange Commission, showed that Coinbase has been doing extraordinarily well: the exchange made a $322 million profit on revenues of over $1.2 billion last year—thanks to the Bitcoin bull run.
Not bad, considering the company posted a $30 million loss just one year before.
