Coinbase: sensational debut on the Nasdaq (+31%)
(CercleFinance.com) - Coinbase, a platform specialising in trading crypto-currencies, made a spectacular debut on the Nasdaq on Wednesday 14 April.
With a reference price set at 250 dollars - representing a valuation of 65 billion dollars - the stock started trading leaping 70% to 429 dollars, giving it a capitalisation of 111 billion dollars (100 times 2020 revenue), before closing at 328 dollars (+31%).
The market environment is conducive to IPOs - with the explosion of crypto-currencies, Coinbase's revenues are exploding, said Vincent Boy, market analyst at IG France.
With nearly 56 million users, Coinbase's profitability should logically be indexed to the price level of crypto-currencies; the bitcoin is currently trading at nearly 63,000 dollars, close to its all-time high of 65,000 dollars.
Prior to its listing on Nasdaq, the Coinbase platform boasted 223 billion dollars in assets, or 11.3% of the crypto asset market share.
At the end of the first six months of FY 2021, the company announced revenues of 1.8 billion dollars and net income of 730 to 800 million dollars.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
With a reference price set at 250 dollars - representing a valuation of 65 billion dollars - the stock started trading leaping 70% to 429 dollars, giving it a capitalisation of 111 billion dollars (100 times 2020 revenue), before closing at 328 dollars (+31%).
The market environment is conducive to IPOs - with the explosion of crypto-currencies, Coinbase's revenues are exploding, said Vincent Boy, market analyst at IG France.
With nearly 56 million users, Coinbase's profitability should logically be indexed to the price level of crypto-currencies; the bitcoin is currently trading at nearly 63,000 dollars, close to its all-time high of 65,000 dollars.
Prior to its listing on Nasdaq, the Coinbase platform boasted 223 billion dollars in assets, or 11.3% of the crypto asset market share.
At the end of the first six months of FY 2021, the company announced revenues of 1.8 billion dollars and net income of 730 to 800 million dollars.
Copyright (c) 2021 CercleFinance.com. All rights reserved.