(Reuters) – 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 stock in the private market traded at a weighted average price of $343.58 in the first quarter of 2021 through March 15. In the third quarter ended Sept. 30, Coinbase’s stock traded at an average of $28.83 per share for a valuation of $5.3 billion.
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