A possible listing may offer a valuation anchor, for future crypto IPOs and crypto-native exchange tokens.
After Coinbase crypto exchange filed a draft registration for a public offering with the US Securities and Exchange Commission on December 17, Messari research firm has valued the exchange at $28 billion.
Messari’s model was seen to examine the firm’s different business segments, including trading, custody, and debit cards, to come to this valuation. Coinbase is one of the largest exchanges globally; recording daily trading volumes of at least $1 billion. Furthermore, assets under custody have increased to $20 billion from $7 billion in 2019.
A past fundraising round in August 2017 saw Coinbase’s valuation surpass the $1 billion mark, gaining its unicorn status. The most recent round gave the firm a value of $8 billion in October of 2018.
Interestingly, an August 2020 report compiled by Hurun research company failed to update this $8 billion valuation; despite increasing daily trading volume and assets under custody. After Messari analysts offered the latest $28 billion valuation for Coinbase, they acknowledged the importance of such a major IPO in the cryptocurrency sector:
“This listing is critical even for Token valuations as the Coinbase exchange will offer a valuation anchor for future equity listings and crypto-native exchange tokens.”
In the meantime, an unconfirmed report alleges that Teeka Tiwari’s Palm Beach Research Group has projected a future valuation of $242 billion for the Synthetix DeFi platform.
The purported buy notice for Synthetix (SNX) tokens “conservatively” says that the decentralized exchange may “command a premium five times higher than traditional exchanges,” or approximately ten times Messari’s current valuation for Coinbase.
Notably, a target valuation of $2,192 per coin could represent a return of at least 41,000% compared to the current market price.
Twitter commentators said that the firm has already made similar forecasts that did not come to pass in the past.
English
Arabic
Dutch
French
German
Italian
Polish
Portuguese
Spanish