Coinbase to float about 114.9mln shares in U.S. listing

Coinbase to float about 114.9mln shares in U.S. listing

Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said on Wednesday recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing.The eye-popping valuation underscores how the perceived value of Coinbase has rallied in lock-step with the surge in the price of cryptocurrency bitcoin.In a regulatory filing, Coinbase said its shares in the private market traded at a weighted average price of $343.58 apiece in the first quarter of 2021 through March 15, up from $28.83 per share in the third quarter ended Sept. 30.That represents a nearly 13-fold jump in its valuation in the space of a few months. According to data platform PitchBook, Coinbase was valued at a shade over $8 billion during its last private fundraise in October 2018.Coinbase's implied potential valuation eclipses that of New York Stock Exchange parent ICE, Nasdaq Inc and the London Stock Exchange, and puts it $4 billion short of futures exchange operator CME Group, according to Refinitiv data.The latest filing from Coinbase also signals heightened confidence that the listing will be approved by regulators.A successful listing by Coinbase, whose business is primarily focused on digital currencies, would represent a landmark victory