The technology-heavy Nasdaq has set a direct listing reference price of 250 dollars a share for Coinbase ahead of its debut on the stock market this week, Nasdaq said on Tuesday.
Coinbase, the largest US trading platform for cryptocurrencies like Bitcoin, is already highly prized by investors ahead of going public.
The 250-dollar reference price puts the guideline well below the most recent over-the-counter transactions, in which the securities had changed hands for an average of 343.58 dollars this year. This meant a valuation of at least 67.6 billion dollars for the California-based Coinbase.
Coinbase is benefiting from the recent hype over cryptocurrencies ahead of its IPO. Analysts say Coinbase could achieve a valuation of more than 100 billion dollars when it goes public.
The company plans to list 114.9 million shares on Nasdaq, according to a recent filing with the US Securities and Exchange Commission (SEC).
Coinbase is set to hit the public market on Wednesday, CNBC reports.
The San Francisco-based company will go public through a direct placement, which would see Coinbase shares listed directly on the stock exchange without the support of investment banks and a prior pricing procedure.
Other larger companies such as the music service Spotify or the workplace messaging app Slack have previously been successful with this unusual, but cheaper approach to a stock market listing.
Coinbase said it made about 1.3 billion dollars in revenue in 2020, more than double the previous year. The cryptocurrency exchange most recently recorded around 43 million users.