Happy Thursday, Blockfolians
We are officially in a new period, and Coinbase is wasting no time taking advantage of the moment. In the 24 hours since the last Blockfolio Refresh, the bitcoin price surged up over $23,000 and Coinbase has filed the first papers necessary to go public.
For some time, there have been questions of whether Coinbase could justify the valuation that it had during its last funding during the 2017 bull market. A rising price, combined with rising valuation multiples for tech companies on the stock market make this a perfect time for Coinbase to take the leap.
If an IPO happens, it will be the first major crypto IPO and will give retail investors yet another (indirect) way to get exposure to the industry through very traditional financial instruments.
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Interesting thoughts on how to value bitcoin
It’s been pretty head spinning tbh
You said it, Edward