The planned launch of Coinbase’s IPO this week coincides with Bitcoin ‘s continued climb to what could be a new high and Wall Street’s growing acceptance of the cryptocurrency as an asset class. The cryptocurrency trading platform is scheduled to go public Wednesday via a direct listing on Nasdaq. Coinbase is a “unicorn”—a privately held company valued at $1 billion or more—and profits make it golden. Gil Luria, an analyst at D.A. Davidson, said the deal is speculative, but could be an ” Amazon moment” for investors. Coinbase, the cryptocurrency trading platform, is scheduled to go public Wednesday via a direct listing on Nasdaq. It is a “unicorn”—a privately held company valued at $1 billion or more—and profits make it golden. Getty “The well-managed standard bearer represents a uniquely diversified play on the growth of crypto,” the Portland, Oregon-based analyst said in a research note. “We believe that crypto assets and the distributed technology they represent will become the foundation for a more efficient future financial system that reduces the number of intermediaries for a large range of transactions,” the note read. In private market transactions, San Francisco-based Coinbase shares recently traded at a price that would value the company… Read full this story
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