Coinbase To Start Trading On Nasdaq Next Week

Coinbase Global Inc will start trading on the Nasdaq exchange next week under the COIN ticker symbol and this presents an opportunity for a lot of old money to get into the $2 trillion crypto market.

In terms of valuation, it is expected to trade at between $70 billion to $120 billion. On the Nasdaq private markets, it was trading at around $90 billion.

Is this valuation realistic? Everyone here on LeoFinance and Hive knows how well the crypto market has been doing as of late. Coinbase is also expected to announce a first quarter profit in the $800 million range.

If crypto remains as hot for the rest of the year, that will mean a profit of around $3-$4 billion. A PE ratio of 40x isn't so unreasonable in this day and age.

Expect the other major exchanges like Binance to go public as well in the days ahead. Its a matter of time and while i'm not super-thrilled about these centralized exchanges, they do add legitimacy to the whole crypto market and that's a positive.

--Source image via Bloomberg