In the morning news for Coinbase cryptocurrency exchange Digital wallet on March 9, Beijing time, according to reports, people familiar with the matter have said. That there was a stock change of about US $ 90 billion in the cryptocurrency exchange coinbase last week. This may be the result of investors trading before the company’s stock. Coinbase’s listing. Last chance.
People familiar with the matter said that the valuation of this transaction is based on $ 350 per share. Which is the stock price at the Nasdaq private market auction last Thursday. People familiar with the matter said that the previous auction at Thursday’s auction saw shares of Coinbase sold on the Nasdaq private market before going public in late March.
A person familiar with the matter also stated that in the auction, the initial trading price of some coinbase shares was $ 375. So the company’s valuation was actually close to $ 100 billion.
Private transactions are more restricted. Transaction volume is usually small compared to the public market, and is not an accurate reflection of the value of the company. Nasdaq Private Market is a branch of Nasdaq. Which specializes in dealing with the company’s stock transactions prior to listing.
Before a company goes directly public, Nasdaq needs to set a reference price for investors. The price depends to some extent on the price of the stock on the private trading market.
This stock issuance will be the first large-scale direct listing activity on Nasdaq. Which is an alternative to the traditional IPO listing method. All previous stock issuances of this type were made on the New York Stock Exchange. In which stocks were issued by companies such as Spotify, Slack Technologies, Asana, and Palantir.
According to documents submitted by Coinbase to the US Securities and Exchange Commission (SEC), Coinbase will not receive any proceeds from the transaction. The company’s headquarters are not known, and Coinbase said it became a so-called “remote-first” company in May last year.
The documents show that the company turned from last year’s losses to profit, with a total profit of US $ 322 million. Net income also more than doubled to more than US $ 1.14 billion. The document also shows that since 2012, Coinbase has raised over $ 500 million from investors such as Y Combinator, Greylock Partners, Tiger Global Management, Andreessen Horowitz, Ribbit Capital, Union Square Ventures, and Co-Founder Frederick Ernest Ehrsam III Huh.
Owners of the Coinbase class will be allowed to sell a common stock the shares upon listing of the company and will not be subject to a lock-up agreement. The documents show that each class has one vote in a common stock. While each Class B common stock has 20 votes.
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