Coinbase Global Inc, the largest US cryptocurrency exchange, said on Wednesday recent private market transactions had valued the company at around US$68 billion this year ahead of a planned stock market listing.
That represents a nearly 13-fold jump in its valuation in the space of a few months. According to data platform PitchBook, Coinbase was valued at a shade over US$8 billion during its last private fundraise in October 2018. A successful listing by Coinbase, whose business is primarily focused on digital currencies, would represent a landmark victory for cryptocurrency advocates vying for endorsement for a sector that has struggled to win the trust of mainstream investors, regulators and the general public.
San Francisco-based Coinbase's potential listing also comes at a time when the value of Bitcoin continues to surge, it hit a record high of US$61,781.83 on Saturday. The price of the digital currency has fallen since then as investors consolidated gains and on news of plans by India to ban cryptocurrencies.
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