Coinbase, 9-Year-Old Cryptocurrency Co., is More Valuable Than Citigroup, Morgan Stanley, BlackRock

Coinbase, 9-Year-Old Cryptocurrency Co., is More Valuable Than Citigroup, Morgan Stanley, BlackRock

The largest U.S. cryptocurrency exchange platform is set to make its public debut this week, sending Bitcoin to near-record levels while its own expected value surpasses the value of major central banks, according to the latest estimates.Coinbase, which has its IPO set for Wednesday, is valued at $100 billion, dominating institutions like Citigroup, Morgan Stanley and BlackRock, which are dwarfed by Coinbase in both revenue and predicted listing.Founded in 2012, Coinbase collected about 0.57% of every transaction in fees, which added up to $1.1 billion in trading revenue on $193 billion in trading volume, in 2020, according to Market Watch. The trading fees made up 86% of 2020 revenue. Assuming a similar breakdown of its reported $1.8 billion in total revenue in the first quarter of this year, trading fees would equal about $1.5 billion on $335 billion in trading volume, or about 0.46% of every transaction.Citigroup's fourth-quarter 2020 earnings were reported at $4.06 billion, or $2.08 per share, while Morgan Stanley reported $48.2 billion, or $6.46 per share. BlackRock saw earnings of $8,676,680 in the fourth quarter of 2020, putting its earnings per share at above $10. None have published their earnings for the first quarter of 2021.Coinbase's 115