8 expert predictions ahead of Coinbase’s hotly anticipated IPO next week

8 expert predictions ahead of Coinbase’s hotly anticipated IPO next week

Coinbase's debut on the Nasdaq on April 14 has been eagerly awaited, especially by cryptocurrency bulls who view the listing as a milestone for the digital currency ecosystem. Adding to the excitement, the cryptocurrency trading giant reported a whopping $1.8 billion revenue in the first quarter of the year on Tuesday, compared to the $1.3 billion for all of 2020.

On the back of the eye-popping earnings, DA Davidson analyst Gil Luria increased his price target by 125% to $440 from $195. The analyst derived his adjusted price target from a 20x multiple based on the company's expected revenue this year. The record-breaking quarter for Coinbase moved in lockstep with bitcoin's surge, which thus far has soared more than 100% year-to-date and 600% in the past 12 months. While bitcoin's rally has stalled in the past days, it tested the $60,000-level record last week after Visa enabled the use of USD Coin and CME Group revealed it is expanding its suite of crypto offerings with micro bitcoin futures. On Thursday, billionaire Rick Caruso's real estate firm announced that it will start accepting bitcoin as rent payment - a first in the residential and retail real estate space.Coinbase, the largest cryptocurrency