The exchange of Cryptocurrency Coinbase facilitated the purchase of $ 1.5 billion Bitcoin (BTC) by Tesla Ing (NASDAQ: TSLA), the Block reported Wednesday.
What happened: The purchase for the Elon Musk-led company was made in a few days in the first week of February, according to the Block.
The order was allegedly sent to several over-the-counter commercial banks, just as Coinbase made the purchase MicroStrategy Incorporated (NASDAQ: MSTR).
Coinbase’s chief broker has more than five Fortune 500 businesses as clients, a source told the Block.
Why it matters: The exchange of Cryptocurrency Coinbase is valued at almost $ 77 billion because it is ready to be announced, which is greater than Intercontinental Exchange Inc. (NYSE: ICE), the owner of the New York Stock Exchange, reports CoinDesk.
The stock market’s notorious valuation is at a time when BTC peaked at more than $ 52,000 on Wednesday.
The valuation is based on trading Coinbase’s private shares on the Nasdaq Private Market at $ 303 apiece, people familiar with the matter told CoinDesk.
“The first week it was $ 200 per share, the second week it was $ 301 per share and the third week it was $ 303 per share. You can therefore see the price discovery happening, ”according to the source of the publication.
At the time of the announcement of Coinbase’s IPO plans in December, the company was valued at $ 8 billion based on a 2018 funding round.
The exchange is working on an anonymous order book before the immediate listing, the date of which is not yet known, CoinDesk noted.
Nearly 254 million shares in cryptocurrency exchanges will be outstanding and available to trade as and when the company goes public, people familiar with the IPO told CoinDesk.
Price action: Tesla shares closed nearly 0.2% higher at $ 798.15 on Wednesday and fell 0.56% in the after-hours session. BTC traded 6.12% higher at $ 52,225.99.
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