Coinbase IPO Could Command $28 Billion Valuation

Coinbase filed a draft S-1 registration statement and shuffled its board in preparation for a rumored IPO. We walk through the potential valuation for Coinbase using publicly available information, go through the company background, fundraising history, deep dive into operations and business segments. We value it compared to listed crypto exchanges and traditional exchanges. The market has shown that investors are hungry for crypto exposure through equity markets. Model included.