Coinbase Reaches $60 Billion in Pre-IPO Trading

Coinbase is being valued at $57 billion by the market with one share trading at $235, significantly more than the $32 per share at an $8 billion valuation during its last funding round. US’s biggest crypto exchange and broker hit $300 per share at one point, giving it a market cap of $75 billion from its 250 million shares. That’s about 17% of bitcoin’s own market cap, suggesting the digital gold is undervalued if just one company is worth close to 20% of its total value. These are futures however, technically expiring after the first close of trading of Coinbase shares. After which they roll out as tokenized stocks, a recent new offering by FTX in collaboration with the regulated German entity CM-Equity. The latter says these pre-IPO shares under the ticker of CBSE might not be convertible for actual shares. However for their other offerings, like Tesla, FTX says…

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