After the initial postponement, all is now set for the biggest crypto exchange in the United States to be listed directly on NASDAQ as the much anticipated Coinbase IPO is set to go live in just two days.
Coinbase had filed for approval from SEC in February this year and got an approval for its IPO to be listed on April 14. Valued at over $90 billion, with about 56 million personal users and over 50 currencies listed, this massive crypto exchange is going public in less than 48 hours. And as expected, several crypto analysts have made some predictions.
What Experts say About Coinbase IPO
Gil Luria, a popular crypto analyst had endorsed the COIN, quoting its massive growth in Q1 2021 which saw it post a profit of $800 million compared to a miserly $31.9 million in 2020.
First Digital Trust’s CEO, Gunnar Jaerv, has given a thumbs up to the Coinbase IPO saying that it is a huge leap for the crypto industry, both in terms of regulation and mainstream adoption. Other crypto exchanges are looking to follow in the footsteps of Coinbase and go public, according to Jaery. Kraken may likely be the next.
A top CMC Market Analyst Michael Hewson, doesn’t seem to share same optimism. He said the greater concern is if any form of valuation would be sustainable. Since most governments are not particularly attracted to cryptocurrencies, the future doesn’t seem so rosy yet.
Pocket Network’s analyst, Alberto Jauregui, has called attention to the effect of centralization of Coinbase on its users. He said the whole idea of blockchain is about decentralization.
Validus Power Corporation’s CFO, Greg Foss, has been a strong proponent for the listing of Coinbase IPO citing that it would offer investors an opportunity to diversify their portfolios and spread their investments.