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Coinbase sets direct listing reference price at $250/share, valuing the company at as much as $65B

Mikhail Bakunin

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@alex / 5:30 PM EDT•April 13, 2021

Coinbase Co-founder and CEO Brian Armstrong


Image Credits: Steve Jennings / Getty Images

Coinbase, the American cryptocurrency trading giant, has set a reference price for its direct listing at $250 per share. According to the company’s most recent SEC filing, it has a fully diluted share count of 261.3 million, giving the company a valuation of $65.3 billion. Using a simple share count of 196,760,122 provided in its most recent S-1/A filing, Coinbase would be worth a slimmer $49.2 billion.

Regardless of which share count is used to calculate the company’s valuation, its new worth is miles above its final private price set in 2018 when the company was worth $8 billion.

Immediate chatter following the company’s direct listing reference price was that the price could be low. While Coinbase will not suffer usual venture capital censure if its shares quickly appreciate as it is not selling stock in its flotation, it would still be slightly humorous if its set reference price was merely a reference to an overly conservative estimate of its worth.

Its private backers are in for a bonanza either way. Around four years ago in 2017 Coinbase was worth just $1.6 billion, according to Crunchbase data. For investors in that round, let alone its earlier fundraises, the valuation implied by a $250 per-share price represents a multiple of around 40x from the price that they paid.
The Coinbase direct listing was turbocharged recently when the company provided a first-look at its Q1 2021 performance. As TechCrunch reported at the time, the company’s recent growth was impressive, with revenue scaling from $585.1 million in Q4 2020, to $1.8 billion in the first three months of this year. The new numbers set an already-hot company’s public debut on fire.

Place your bets now concerning where Coinbase might open, and how high its value may rise. It’s going to be quite the show.
 

Soren

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With all this excitement over crypto and their Q1 revenue, this is a good play for the long term. Think of Coinbase like the gold mining rush where the real money was in selling shovels to the crowd. With their sizeable crypto position and future growth potential this is a good bet fundamentally speaking since institutional investment in crypto is still lagging.

I'd be curious how the stock moves since it's a direct listen and there isn't any underwriting from the big banks propping up the stock debut.

If COIN follows typical ipos price action, it'll open, pop and potentially have a nice pull back from the early insiders/employees selling some shares. I'd mark the opening price and the high price and consider buying in on pull backs for investing long term. FB did something similar.

I wouldn't try to trade this just yet since we don't have any price action. I think BTC can easily hit 75-80k range soon since it broke out of its resistance today and other stocks popped today as well like MSTR.
 

Ambi D

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That’s too high. I’d wait for the pull back. Also any money you put on $COIN might be better spent on actual bitcoin. Not a single stock in my portfolio has higher returns than bitcoin. While coinbase offers other crypto, I believe their stock price will tank if the bitcoin bull run ends.
 
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LeeB

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That’s too high. I’d wait for the pull back. Also any money you put on $COIN might be better spent on actual bitcoin. Not a single stock in my portfolio has higher returns than bitcoin. While coinbase offers other crypto, I believe their stock price will tank if the bitcoin bull run ends.
Is there anyway I can purchase a fraction of Bitcoin for 100 dollars?
 

BrwnSknBeauty

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With all this excitement over crypto and their Q1 revenue, this is a good play for the long term. Think of Coinbase like the gold mining rush where the real money was in selling shovels to the crowd. With their sizeable crypto position and future growth potential this is a good bet fundamentally speaking since institutional investment in crypto is still lagging.

I'd be curious how the stock moves since it's a direct listen and there isn't any underwriting from the big banks propping up the stock debut.

If COIN follows typical ipos price action, it'll open, pop and potentially have a nice pull back from the early insiders/employees selling some shares. I'd mark the opening price and the high price and consider buying in on pull backs for investing long term. FB did something similar.

I wouldn't try to trade this just yet since we don't have any price action. I think BTC can easily hit 75-80k range soon since it broke out of its resistance today and other stocks popped today as well like MSTR.
Dayum @ MSTR beingg $888.00 for one share.
 

Ambi D

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Is there anyway I can purchase a fraction of Bitcoin for 100 dollars?
Yes. You can buy 10 cents if you want to. Go to coinbase.com and open an account. Put in your debit card and buy whatever amount you want.
 

BrwnSknBeauty

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Yes. You can buy 10 cents if you want to. Go to coinbase.com and open an account. Put in your debit card and buy whatever amount you want.
Is Coinbase the best platform to use for purchasing BTC?

I just checked Fidelity and it's not there.
 

sneakerk

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That’s too high. I’d wait for the pull back. Also any money you put on $COIN might be better spent on actual bitcoin. Not a single stock in my portfolio has higher returns than bitcoin. While coinbase offers other crypto, I believe their stock price will tank if the bitcoin bull run ends.
True
 

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Rich (BB code):
Omg. Bitcoin went from $63k+ to $58k in the same day.
If there is a big dip again, I am buying back in.
 
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Ambi D

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Is Coinbase the best platform to use for purchasing BTC?

I just checked Fidelity and it's not there.
Is Coinbase the best platform to use for purchasing BTC?

I just checked Fidelity and it's not there.
I suggest Coinbase over places like PayPal and cash app because you actually own your keys. I’ve been using them since 2017 and have never had any issue with cashing out or getting hacked like other places. Coinbase is one of the largest and safest crypto exchanges, although their fees maybe slightly higher than newer exchanges. They have a very easy to use interface for beginners like yourself.
Please educate yourself though to understand exactly what crypto currency is, how it’s used and it’s volatility before investing. Once you feel comfortable upgrade to coinbase pro, it has more of a stock market trading interface with more information.
 

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Is there anyway I can purchase a fraction of Bitcoin for 100 dollars?
I'm using Coinbase Pro with HUMBL Pay to purchase Bitcoin. I have .0078 of Bitcoin through their Blocks 3 & 5 in their financial exchange.
 

sleepinchild

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I'm using Coinbase Pro with HUMBL Pay to purchase Bitcoin. I have .0078 of Bitcoin through their Blocks 3 & 5 in their financial exchange.

How have you found the ETX with HUMBL? What has been your experience with the site?
 

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How have you found the ETX with HUMBL? What has been your experience with the site?
Took me a minute to get my API Key set up through Coinbase Pro with HUMBL, which was confusing, but I went to twitter, and folks answered my questions. Other than that, it's been easy overall. I've never bought cryptocurrency previously, so it made the purchase easy. There's currently 9 Blocks, but since I use Coinbase Pro (because I live in NY), it's only 4 available atm. But sfsg. I'm up almost 18% on 2 of the Blocks and 15% on 1 of them after less than 2 weeks. After setup, easiest path for newbies. I'm still trying to navigate Coinbase Pro solo, but I'm getting there.
 

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Nas invested a couple hundred thousand in coinbase back in 2013. Apparently he’s up 100 million$$$ as of today loool. Anyway I plan to hop in when the volatility dies down/institutional traders take their profits as direct listings work waaaay differently than an IPO. Their money isn’t locked up for a certain amt of time so they can take profit aka tank the stock when they want to.
 

Mikhail Bakunin

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Nas invested a couple hundred thousand in coinbase back in 2013. Apparently he’s up 100 million$$$ as of today loool. Anyway I plan to hop in when the volatility dies down/institutional traders take their profits as direct listings work waaaay differently than an IPO. Their money isn’t locked up for a certain amt of time so they can take profit aka tank the stock when they want to.

Nas could've sold some among the way on the secondary market to reinvest the profit elsewhere.
 

charlotte

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So should I buy ipo now? I don’t understand how one makes a profit if it went down from 381 to 342.
 

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So should I buy ipo now? I don’t understand how one makes a profit if it went down from 381 to 342.

essentially betting. brokerage Firms offer products where investors can ” short “ a stock and make money on the way down if they're right. If not they usually lose the capital they use to make that bet

there are also inverse stock options that go the other way so if the stock goes down your portfolio goes up in profits

then there are x3 x2 multiplier options meaning if your stock goes up and you hold that asset It goes up x2 x3 times in profit. if Market goes down you go down s2 x3
 

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My post waa spot on. It popped after opening, and pulled back. Hella risky to trade but you gotta be quick. Let price settle down they'll be good entries later.
 

Surf

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No point in purchasing coinbase shares. That’s like going to the bank and having them hand you a dollar note for your gold

if you can afford a share you can afford some Bitcoin or Ethereum and stake it for more than they will even pay you in dividends

if you don’t trust Bitcoin but investing in a company where the success of their business is that asset. You should take a break from investing and think about what you’re doing
 

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No point in purchasing coinbase shares. That’s like going to the bank and having them hand you a dollar note for your gold

if you can afford a share you can afford some Bitcoin or Ethereum and stake it for more than they will even pay you in dividends

if you don’t trust Bitcoin but investing in a company where the success of their business is that asset. You should take a break from investing and think about what you’re doing
Don’t shame me like this.
giphy.gif








Good advice, I wished I had jumped the gun on buying but I did. I’m still learning patience in this investing game
 

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Don’t shame me like this.
giphy.gif








Good advice, I wished I had jumped the gun on buying but I did. I’m still learning patience in this investing game

it’s all love lol I wanted to jump the gun Few months ago when I heard about the IPO, I want everyone here to be more strategic in their invest style. there Will be constant volatility with Bitcoin price over the next 100 years till the last one is mined.

$300 is enough to invest in a altcoin that will out perform coinbase stock in 5 years

coin will be volatile during bear markets because trading volume will be low and so will profits
 

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