Coinbase, the largest cryptocurrency exchange in the United States, is reportedly planning to allow a private sale of shares through the Nasdaq Private Market ahead of its initial public offering. According to the report, shareholders were told they would receive details during the week on how the market would work, which shares would be eligible to trade, and how access would be provided.
A pre-IPO liquidity event takes shape
The move would come after Coinbase disclosed in mid-December that it had confidentially filed an S-1 registration statement with the U.S. Securities and Exchange Commission. If the report is accurate, the private market sale could offer an early liquidity option for existing shareholders before the company enters the public market. A message cited in the report said the Nasdaq Private Market would email participants on January 25 at noon PT with operational details.
Coinbase remains one of the most influential crypto trading platforms globally. Data cited in the article said the exchange held more than $40 billion in assets under management tied to bitcoin and ether deposits, while the company had more broadly indicated it custodied around $90 billion in crypto assets.
Strong demand fuels valuation debate
Speculation around Coinbase’s public debut has also centered on valuation. The report noted rumors that Goldman Sachs could help lead the IPO. At the same time, pre-IPO futures tied to Coinbase, listed as CBSE on FTX, were already changing hands. At publication, the CBSE/USD market was trading near $272 per unit, making it one of the more prominent tokenized stock products on the exchange.
Analysts have offered a wide range of estimates for Coinbase’s potential market value. Messari analyst Mira Christanto suggested the company could be worth around $28 billion, while research compiled by The Block pointed to a possible valuation as high as $70 billion. Together, the reported private share sale and active pre-IPO trading underscore the strong investor interest surrounding Coinbase ahead of its public listing.