The San Francisco-based digital currency exchange Coinbase is gearing up for going public and plans to conduct an Initial Public Offering very soon. The leading cryptocurrency exchange’s upcoming IPO is going to be one of the biggest IPOs that the cryptocurrency has witnessed so far. This much-anticipated IPO could, however, see the Coinbase exchange valued at $28 billion.
Messari, the famous cryptocurrency research company has evaluated all of the business vertices of the Coinbase crypto exchange such as debit cards, crypto custody, trading, etc., and has estimated the valuation of the company. According to the research of Messari, Coinbase’s upcoming Initial Public Offering could boost the valuation of the firm to $28 billion. As Messari stated in its report:
“Recently the company shuffled its board to include venture capitalist Marc Andreessen and Google veteran Gokul Rajaram along with former Cisco CFO Kelly Kramer in what appears to be final preparations for an offering that could see the company valued at $28 billion.”
Coinbase’s valuation was noted at $8 billion during its last fundraising round which took place in Oct 2018 in which the crypto exchange raised an amount of $300 million and was one of the largest funding rounds seen in the cryptocurrency industry. Since its year of launch in 2012, more than $525 million worth of funds has been raised by the exchange so far.
Meanwhile, the major crypto exchange is continuously working on its listing plans. As reported by Reuters recently, Coinbase has hired Goldman Sachs which will likely be leading the exchange’s preparations for its listing on the stock market. Two familiar sources shared this news. However, the cryptocurrency exchange has not yet provided any confirmation regarding its deal with the United States-based investment banking firm.
Coinbase intends to list on the American stock exchange. Just a couple of days ago, the crypto exchange made a move while following its listing plans and filed a draft registration statement on Form S-1 with the United States Securities and Exchange Commission (SEC). This draft is currently under the review of the SEC. Form S-1 will become effective once the SEC completes the review process. If Coinbase succeeds in listing on the stock exchange, it will be a big achievement for the crypto exchange.