The Nasdaq Private Market valued Coinbase at around $90 billion last week, reports Bloomberg.
Last week’s auctions were said to be the final chance to buy Coinbase stock before the top US crypto exchange goes public in late March.
According to Bloomberg’s sources, some Coinbase stock sold for $375 at the beginning of the auction, valuing it at nearly $100 billion. Coinbase shares fell to $350 by the auction’s end.
While the Nasdaq Private Market doesn’t offer a perfect picture of how the company’s stock will perform when it trades publicly, it does corroborate earlier industry estimates.
If the valuations are to be believed, traders are now paying a hefty premium for tokenized stock on derivatives exchange FTX.
The FTX market valued Coinbase at $109 billion earlier today — over 17% above the valuation awarded on the Nasdaq Private Market.
[Read more: Coinbase IPO would be a world first]
Aside from being the first crypto exchange to go public, Coinbase’s IPO stands out for a different reason: the company actually makes money.
Coinbase in 2020 posted an annual profit for the first time in its nine-year history, $322 million from $1.2 billion revenue.
And if all goes to plan, the move will make chief exec Brian Armstrong (even more) insanely wealthy.