Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction
Coinbase initially announced its intention to launch an initial public offering in mid-2020.

Prominent Bitcoin (BTC) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction. Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90–$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350.

A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time.

The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq platform. Coinbase announced its intention to launch an initial public offering in mid-2020, before filing registration with the SEC in December.

Major Swiss retailers set to debut Bitcoin gift cards
The Cryptonow voucher cards will be available in three different variants ranging from 100 to 500 francs.

Switzerland’s crypto boom has entered another dimension with retailers rolling out Bitcoin (BTC) vouchers and gift cards. According to Swiss daily Tages-Anzeiger, Manor — the country’s largest department store chain — is already selling Bitcoin voucher cards in 59 of its branches.

Meanwhile, the retail giant Valora will begin selling BTC gift cards in its kiosks across the country starting April 1. Dubbed “Cryptonow,” the Bitcoin vouchers are from the stables of Värdex Suisse, a cryptocurrency financial services firm. Värdex is also a subsidiary of major Swiss crypto exchange Bitcoin Suisse.

According to Simon Grylka, head of operations at Värdex, Cryptonow offers a simple onboarding channel for would-be cryptocurrency adopters daunted by the usual avenues for acquiring virtual currency. For Grylka, the Cryptonow voucher is akin to digital gold coins.

Glassnode: $47k showed strongest on-chain support since BTC broke $11k
Analytics firm Glassnode has reported on-chain support volumes not seen since BTC broke $11k, with 6.5% of supply moving on-chain as Bitcoin traded in the mid $40k range.

On-chain crypto analytics firm Glassnode has reported significant on-chain support was found for BTC at the roughly $47,000 level, describing the event as the largest on-chain support identified since Bitcoin broke above $11,000 in late 2020.

According to a March 8 report from Glassnode, approximately 1.2 million Bitcoin were moved on-chain as BTC’s price traded between $45,500 to $48,900 after bouncing off a local low near $45,000 last week.

Glassnode CTO Rafael Schultze-Kraft noted that roughly 6.5% of Bitcoin’s circulating supply moved on-chain as support was established.

This Daily Dose was brought to you by Cointelegraph.

Share this post