Coinbase (Nasdaq: COIN) shares are currently indicated to trade at $380 per share, according to Reuters.
- The indication, which is far from definite as it only reflects the progress made between buyers and sellers as they work to assign a price, is 52% higher than the $250 reference price per share that Nasdaq and Goldman Sachs released yesterday afternoon.
- It's only about 10% higher, however, than what the crypto exchange last traded at in the private secondary market, $343.58 per share.
- As the first indication was at $345 and has steadily increased, it's a sign the price could go even higher before trading begins.
- Different media are reporting various market values for Coinbase. At $380 per share, using the number of shares currently outstanding, 199.2 million, Coinbase would have a valuation of $76.0 billion, just bigger than Duke Energy.
- However, if one used the number of shares if all options were exercised, 261.3 million, the value of the exchange would balloon to $99.3 billion. By that measure, Coinbase would be bigger than CVS Health and that much closer to the headline-grabbing figure of $100 billion.
UPDATE (April 14, 15:05 UTC): Adds price in the secondary private market.
UPDATE (April 14, 15:50 UTC): Adds explanation for different market values.
UPDATE (April 14, 16:11 UTC): Updates with new indication.
UPDATE (April 14, 16:34 UTC): Updates with new indication.
UPDATE (April 14, 17:04 UTC): Updates with new indication.