Coinbase valuation reached $68 billion before its expected direct crypto listing

On Wednesday, Coinbase Global Inc said that recent market transactions had valued the company at $68 billion this year.The latest valuation based on an average quarterly share price, Coinbase cited that it has reached an implied $68 billion valuation ahead of its direct listing. It has reported an increase in the company’s valuation by 13 times, with shares trading at $343 per share since the start of 2021.Coinbase is planning to issue Class A common shares of around 115 million. Notably, in October 2018, Coinbase was valued at $8 billion. According to the revised regulatory filing, it has more than 196 million outstanding shares since the start of the year 2021, which resulted in the latest valuation figure. It wasn’t indicated in the filing by Coinbase if the regulatory had allowed it to trade the cryptocurrencies listed as securities in the United States.The potential listing of Coinbase has come when the price of Bitcoin is continuously surging, setting a record high value of nearly $61,781 on Saturday. Although the price of Bitcoin has fallen since the news of the crypto ban in India has come out. Bitcoin has a market price of $58,865 at the time of writing after a decline of 1.05% over 24 hours. According to the previous month’s regulatory filing, Coinbase had swung to a massive profit with the surge of Bitcoin during the last year. According to this filing, Coinbase has registered nearly 115 million shares for the direct listing. Its low sale price in the private market was $200 per share, while its high sale price was $375 per share.As per Coinbase’s first filing in February, it has reported a profit of nearly $322 million in the previous year.We previously published news regarding the company’s plan to go public via a direct listing instead of…