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Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

The major exchange is inching closer to a public offering.
Prominent Bitcoin (BTC) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction.Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90–$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350.A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time. The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq platform. Coinbase announced its intention to launch an initial public offering in mid-2020, before filing registration with the SEC in December.Having launched in 2012, Coinbase represents one of the most long-standing cryptocurrency exchanges in the business. It currently processes the second-most trade volume among centralized exchanges and was recently revealed to store coins with a value equating to 11% of the total crypto market capitalization for its customers.Bloomberg, which claimed to have received the latest share prices from an anonymous source, notes that pre-IPO market activity is not always an …
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