Coinbase Makes Everyone a Cryptocurrency Investor
The crypto exchange is valued at about $100 billion, which guarantees it a spot in most broad market index funds. It is also likely to be popular with actively managed ones.
Coinbase will soon be nestled in a lot of portfolios.
Photographer: Tiffany Hagler-Geard/Bloomberg
From this day forward, everyone is a crypto investor.
Cryptocurrency exchange Coinbase Global Inc. is making its Nasdaq debut on Wednesday through a direct listing, the latest in a long line of prominent tech-related public stock offerings in recent years. But Coinbase isn’t your typical debutante. Unlike so many that have come to market with big plans but little to no profits, Coinbase is already hugely profitable. The company expects to report earnings of $730 million to $800 million in the first quarter on $1.8 billion of revenue.