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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

Chauvin trial leaves cities, activists across America on edge

Illustration: Brendan Lynch/Axios

The impact of the Derek Chauvin trial is reverberating far beyond the walls of the downtown Minneapolis courtroom.

The state of play: With the trial set to enter its third week, activists across America are watching the proceedings unfold with heavy skepticism that what they perceive as justice will be served.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

The dispiriting housing boom

Illustration: Sarah Grillo/Axios

It's a discouraging scene: Bidding wars, soaring prices, and fears that homeownership is becoming out of reach for millions of Americans. We're in a housing frenzy, driven by a massive shortage of inventory — and no one seems to be happy about it.

Why it matters: Not all bubbles burst. Real estate, in particular, tends to rise in value much more easily than it falls. Besides, says National Association of Realtors chief economist Lawrence Yun, this "is not a bubble. It is simply lack of supply."

Updated 7 hours ago - World

China's COVID vaccines have low efficacy rates, official says

China Centers for Disease Control director Gao Fu at a March event in Beijing, China. Photo: Han Haidan/China News Service via Getty Images

The Chinese Center for Disease Control and Prevention's director said Saturday authorities are considering mixing COVID-19 vaccines because the country's domestically made doses "don't have very high protection rates," per AP.

Why it matters: The remarks by the Gao Fu at a news conference in the southwestern city of Chengdumark mark the first time a Chinese health official has spoken publicly about the low efficacy of vaccines made in China.