Coinbase Listing Draws Valuations From $19B to $230B – CoinDesk


In a sign of the extreme range of opinions on cryptocurrencies, not to mention the uncertainty and risk of investing in the 12-year-old industry, analysts are estimating values for next week’s Coinbase stock listing at anywhere from $230 billion to one-twelfth that amount.

New Constructs, an investment research firm, estimates the U.S. cryptocurrency exchange’s valuation should be closer to $18.9 billion. Delphi Digital, a digital asset research firm, calculates a Coinbase valuation between $160 billion and $230 billion if the stock can command above-average price multiples. Earlier this week, the brokerage firm DA Davidson estimated the market cap at $90 billion.

One crypto exchange, FTX, has even tried to capitalize on the speculative fervor around the Coinbase stock debut by listing a “pre-IPO contract” designed to allow market participants to bet on the initial share price. It’s up about 16% for the month to date to a value of $499, implying a valuation of around $103 billion, assuming an estimated 266.2 million shares outstanding.

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