Coinbase pre-IPO shares soar on FTX after S-1 drop

Traders on FTX appear bullish on Coinbase after the release of its long-awaited S-1. 

The thinly traded pre-IPO contract was up during Thursday's morning session, trading above $420 a share — which would imply a valuation of more than $110 billion.


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The new S-1 revealed new financials about Coinbase's business, including the fact that its revenue figure topped $1 billion in 2020. Coinbase further noted that it had 2.8 million "transacting customers" on its platform as of the end of 2020, compared with one million at the end of the past year.

Coinbase has been conducting secondary offerings on Nasdaq ahead of its direct listing. Last week, The Block reported that as of the almost recent secondary offering, the firm's implied valuation stood at $100 billion

Traders on FTX who hold their pre-IPO shares would see those contracts convert into tokens after the direct listing.

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].