Coinbase $100 Billion Direct Listing Impact

Investing - April 13, 2021

Video Overview

Coinbase, the cryptocurrency exchange is all set to be a public company. The cryptocurrency exchange will IPO this week. With this news pushing Bitcoin and ETH to an all-time high, it’s so important to understand the implications of this direct listing. In this video, we break down why Coinbase going public is a big deal.

Many crypto and blockchain companies have gone public in the past. But Coinbase is the biggest. The exchange makes money from cryptocurrencies like Bitcoin, ETH, LTC, and even DeFi coins like Aave, Compound, and Maker being traded. It offers custody solutions to companies making big BTC purchases like MicroStrategy and Square. 

All of this means it has a big stake in the crypto market. However, we don’t see buying Coinbase shares as a proxy for buying Bitcoin. The metrics between the two are different.

Coinbase bridging traditional and decentralized finance

What we do sense is Coinbase will make a big acquisition once its valuation is decided by the market. Coinbase is likely going to be valued over $100 billion. This is in the range of big institutional banks. We sense that Coinbase can buy a big bank once in a few years. This would help the exchange to bridge the gap between digital assets and banking. And could potentially mean securing crypto and equity custody all in one place. In symbolic terms, this is similar to AOL’s acquisition of Time Warner Cable in the 2000s.

Speaking of the late-nineties, Coinbase’s direct listing, and imminent success is a throwback to the early nineties tech boom. Many cryptocurrency companies are making waves, and overthrowing the traditional financial real. Coinbase isn’t the first, but it’s the beginning of a transition from traditional finance to decentralized finance.

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