Nasdaq set the reference price for the highly anticipated public listing of Coinbase Global Inc. at $250, which would give the cryptocurrency exchange a valuation of about $65 billion.
That valuation would be a significant increase over the $8 billion at which Coinbase was last valued in a 2018 fundraising round.
It also would make the company worth more than Nasdaq Inc., which has a market value of about $26 billion, and on par with Intercontinental Exchange Inc., parent of the New York Stock Exchange, at about $69 billion.
Shares of Coinbase, the largest bitcoin exchange in the U.S., are set to start trading Wednesday.
Coinbase has seen its profitability explode amid a rally in the price of bitcoin and other cryptocurrencies. Last week, the company said it expected its first-quarter earnings to be between $730 million and $800 million—more than double what it earned in all of 2020—on revenue of $1.8 billion.
