The popular Bitcoin exchange (BTC) and cryptocurrency trading Coinbase may go for an initial public offering of $ 100 billion after the shares were sold in a private auction for $ 375 each.

Coinbase Global Inc.’s shares have reportedly been traded. Between $ 350 and $ 375 a share last week in the Nasdaq private auction market, giving the company an estimated $ 90 billion to $ 100 billion in shares, according to a Bloomberg report. The deal reportedly closed at $ 350.

During the Coinbase chain of electronic financing round in 2018, the stock was valued at $ 8 billion for the first time. The valuation rose as the stock then traded privately at $ 200 on a private forum Coinbase created in January. At that time, the company was valued at approximately $ 50 billion.

Publicly traded stock price is used in part to determine the reference price for the stock when the company is finally listed on the Nasdaq platform. Coinbase announced its intention to conduct its first public offering in mid-2020 before registering with the Securities and Exchange Commission in December.

Coinbase was launched in 2012, and is one of the industry’s oldest cryptocurrency exchange platforms. It currently deals with the second largest trading volume among central exchanges and was recently discovered to contain coins equal to 11% of the total cryptocurrency value of its clients.

Bloomberg, which has claimed to have received the latest stock quotes from an anonymous source, points out that market activity prior to the IPO is not always an accurate representation of how a stock will trade when it goes into operation. Restricted trading volumes in private markets do not accurately reflect actual open market conditions.

Source: CoinTelegraph