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Illustration: Eniola Odetunde/Axios

Cryptocurrency exchange Coinbase was valued at just over $100 billion in a recent private market share sale ahead of its upcoming public listing, Axios has learned from multiple sources.

Why it matters: Coinbase could go public at a higher initial valuation than any other U.S. tech company since Facebook.

By the numbers: Coinbase generated $141 million of net income on $691 million in revenue for the first nine months of 2020, according to documents shared with investors.

  • The company disclosed a $30 million net loss on $530 million in revenue for full-year 2019.
  • None of these revenue numbers include 2021, during which the price and trading volume of Bitcoin has skyrocketed.

Share sale: Coinbase last month launched a secondary share sale via Nasdaq Private Markets (f.k.a. Second Market), offering up to 1.8 million shares in weekly batches.

  • The goal was to help Coinbase determine a reference price for its public offering, which will be done via direct listing instead of IPO.
  • The initial batch of 75,000 shares was sold on Jan. 29 at $200 per share. That worked out to a valuation of nearly $54 billion, compared to the $8 billion valuation Coinbase received during its prior venture capital round in late 2018.
  • The next two batches were sold at $301 and $303, respectively.
  • The most recent batch of 127,000 shares was sold Friday at $373, which works out to a valuation of $100.23 billion.

Between the lines: It's unclear if the secondary share sale is still useful to Coinbase for the purpose of determining a reference point for direct listing, given the upward surge.

  • Axios also was unable to learn how much longer Coinbase plans to keep it open.

Go deeper: Coinbase offers crypto industry legitimacy

Go deeper

FBI, Homeland Security warn of increasing threat to Capitol

Photo: Eric Baradat/AFP via Getty Images

The FBI and Department of Homeland Security predict violent domestic extremists attacks will increase in 2021, according to a report reviewed by Axios.

Driving the news: The joint report says an unidentified group of extremists discussed plans to take control of the Capitol and "remove Democratic lawmakers" on or about March 4. The House canceled its plans for Thursday votes as word of the possible threats spread.

15 mins ago - World

Pope Francis set to make first papal visit to Iraq amid possible turmoil

Data: Vatican News; Map: Danielle Alberti/Axios

Pope Francis is forging ahead with the first papal trip to Iraq despite new coronavirus outbreaks and fears of instability.

The big picture: The March 5–8 visit is intended to reassure Christians in Iraq who were violently persecuted under the Islamic State. Francis also hopes to further ties with Shiite Muslims, AP notes.

"Neanderthal thinking": Biden slams states lifting mask mandates

States that are relaxing coronavirus restrictions are making "a big mistake," President Biden told reporters on Wednesday, adding: "The last thing we need is Neanderthal thinking."

Driving the news: Texas Gov. Greg Abbott (R) said Wednesday he will end all coronavirus restrictions via executive order, although some businesses are continuing to ask patrons to wear face masks. Mississippi is lifting its mask mandate for all counties Wednesday, per Gov. Tate Reeves (R).