By Dhirendra Tripathi
Investing.com – Coinbase will list on Nasdaq Wednesday and MoffettNathanson is already calling it a buy.
The technology infrastructure provider for cryptocurrencies did not go for a conventional initial public offering, but has instead offered its employees and other insiders the option to sell their shares directly to the public through the exchange.
Coinbase offers access to over 100 crypto assets across 15 different blockchain platforms and is the first U.S. crypto company to go public.
The San Francisco company could be valued at $100 billion and that would make it the largest U.S. digital currency exchange.
“We view Coinbase as a leading technology infrastructure provider for the cryptocurrency ecosystem, providing essential building blocks to facilitate the use of cryptocurrencies, including market-leading crypto storage and exchange capabilities,” analyst Lisa Ellis wrote. She set a price target of $600 for the stock.
“Coinbase the only U.S. large-cap stock that offers pure-play exposure to the development of the crypto economy,” Ellis said.
Coinbase enables consumers, financial institutions, and businesses to easily and efficiently transition between fiat and cryptocurrencies, and securely store and use cryptocurrencies.
Bitcoin soared to another lifetime high Tuesday to touch $63,153, boosted by the Coinbase listing.