CRYPTOCURRENCY firm Coinbase has reached a market value of nearly £72.5bn ($100bn) in its stock market listing.
The US-based firm has clung onto the crypto rocket and carved a niche for itself via transaction fees. Coinbase has brought in investors initially unsure of the wisdom of buying cryptocurrency as they can buy shares, rather than directly investing in the currencies themselves.
The valuation puts Coinbase ahead of mega-corporations such as BP and has given digital currencies a boost in the eyes of investors. Tesla, Mastercard and BlackRock are all said to be ready to embrace the trend.
Bitcoin has been having a moment, even given the surge since its inception. Value rose by more than 300 percent in 2020 and has continued its upward trajectory this year, recently hitting the $63,000 mark.
Coinbase has some 56 million users and holds $223bn in assets. Its estimated revenue for January, February and March was $1.8bn, greater than its total for the entire year in 2020.
The listing is likely to take Coinbase CEO Brian Armstrong, 38 – who owns a 20 percent stake in the company – into the magical realm of the world’s richest people.