Bitcoin jumps above $23,000 . . . Soaring 359% since the lows in March! That huge move is encouraging the #1 cryptocurrency exchange, Coinbase, to go public.
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Now, Bitcoin isn’t exactly going public . . .
Yet one company called Coinbase (private) IS planning an initial public offering. And the company just filed for a confidential IPO with the Securities & Exchange Commission.
Coinbase is a cryptocurrency exchange.
It facilitates transactions in cryptocurrencies such as Bitcoin and Ethereum. The total market value of Bitcoin is around $425 billion; Ethereum’s is around $74 billion.
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Coinbase is keeping its S-1 IPO filing private. That means we don’t have many details on the company’s financial performance.
It typically has daily trading volume of around $1 billion. And assets under custody have grown to $20 billion.
Coinbase has raised $547 million from investors. And its last financing in 2018 valued the company at $7.7 billion.
One crypto research firm called Messari says Coinbase could be worth as much as $28 billion.
The soaring price of Bitcoin is good news for Coinbase. And there are plenty of bullish investors who say the move from $5,000 to $20,000 for Bitcoin is just the start.
Well-known Wall Street investors including Paul Tudor Jones and Stanley Druckenmiller are recent “Bitcoin bulls.”
Bitcoin should climb above $400,000, according to Guggenheim’s chief investment officer.
Plus, a former Goldman Sachs hedge fund manager named Raoul Pal says it could hit $1 million. And that’s why he’s allocating 50% of his net worth to Bitcoin.
Certainly, the big moves for Bitcoin and other cryptos is bringing more attention to the sector. And that’s encouraging Coinbase to pursue an IPO in early 2021.
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