Bitcoin Hits Fresh Record High Ahead of $100 Billion Coinbase Listing

Coinbase, the world's biggest cryptocurrency trading exchange, is set to debut on the Nasdaq Wednesday amid another record run for bitcoin prices.
Author:
Updated:
Original:

Bitcoin prices climbed to a fresh record high Tuesday, passing the $63,000 mark and more than doubling its year-to-date gains, ahead of what could  be a $100 billion listing for the world's biggest cryptocurrency exchange. 

Bitcoin changed hands at $63,201.00 each in early Tuesday trading, an all-time high that extends its year-to-date gain to around 115% and gives it a market value of more than $1.2 trillion - a figure that matches the collective value of JPMorgan  (JPM) - Get Report, Citigroup  (C) - Get Report, Goldman Sachs  (GS) - Get Report and Bank of America  (BAC) - Get Report.

Coinbase  (COIN) - Get Report, which was given the green light by the U.S. Securities and Exchange Commission for its shares last week, opted for a direct listing on the Nasdaq, instead of a traditional IPO, that is expected to launch on Wednesday. 

Last week, Coinbase estimated first quarter revenues at $1.8 billion, with overall trading volumes pegged at a staggering $335 billion from 6.1 million of what it calls "monthly transacting users" (MTUs). 

Coinbase said it expects MTUs in the region of 7 million in its 'high' scenario, 5.5 million in its 'mid' and 4 million in its 'low' scenario, adding that the unpredictable nature of the trading base makes its full-year revenues difficult to forecast. 

The San Francisco-based company has raised some $537.4 million from early stage private investors. Its last round, which raised $300 million in 2018, valued Coinbase at $8 billion. Investors include Andreessen Horowitz, Tiger Global, IVP and Ribbit Capital.