Bitcoin Climbs Ahead of Coinbase Global Trading Debut

Bitcoin and other cryptocurrencies advance ahead of Coinbase Global's market debut.
Author:
Publish date:

Bitcoin  (BTC)  was moving toward a record price on Monday as the cryptocurrency sector prepares for this week's market debut of Coinbase Global  (COIN) - Get Report.

Bitcoin at last check was up 1.1% at $60,489. Bitcoin reached a record $61,742 on March 13.

Other cryptocurrencies were also climbing Monday. Marathon Digital  (MARA) - Get Report was up 6.4%, Bit Digital  (BTBT) - Get Report was up 4.4%, Riot Blockchain  (RIOT) - Get Report +6.1%, Ebang  (EBON) - Get Report was up 2.1%, and Ault Global  (DPW) - Get Report was up 1.9%

Coinbase Global, the largest U.S. cryptocurrency exchange, will make its trading debut Wednesday through a direct listing on the Nasdaq. 

The IPO values the company at about $100 billion, more than the New York Stock Exchange and Nasdaq Stock Market combined, according to Bloomberg.

The company's founders, Brian Armstrong and Fred Ehrsam, own stakes worth $15 billion and $2 billion, respectively, according to Bloomberg estimates.

Coinbase has 56 million verified users and adds about 13,000 new retail customers a day, according to cryptocurrency analytics firm Messari.

In filings for the share sale Coinbase disclosed that it had received a subpoena from the Securities and Exchange Commission.

The inquiry was related to XRP, the Ripple-created digital token that is the subject of an SEC lawsuit, Bloomberg reported, citing a person familiar with the matter. The agency alleges that it was sold as an unregistered security,

Last month, Tesla  (TSLA) - Get Report Chief Executive Elon Musk said the company would accept bitcoin as payment for its  electric vehicles. The company in February disclosed a $1.5 billion investment in bitcoin.

Musk also said that paying by Bitcoin would be available to customers outside the U.S. later this year.

Digital-payments company Square  (SQ) - Get Report had also declared a commitment to Bitcoin. 

Earlier this year, MicroStrategy  (MSTR) - Get Report said it had bought another 19,452 bitcoin for $1.03 billion.