Coinbase’s direct-listing valuation could top $100B

Cryptocurrency exchange Coinbase Global (COINB) could be worth more than $100B when it goes public even though the company wrote in an SEC filing that private shares that changed hands during 2020 only implied a $5.4B value.Markets are anxiously awaiting Coinbase’s planned direct listing on the Nasdaq, which could come in days or weeks.Coinbase disclosed in an S-1 filing with the U.S. Securities and Exchange Commission ahead of its planned direct listing that 2,081,164 shares changed hands privately last year at $28.83 apiece.Given that Coinbase had some 186M shares outstanding as of Dec. 31, that implied a $5.4B market capitalization.However, the company cautioned in the filing that “this information may have little or no relation to broader market demand for our Class A common stock. … You should not place undue reliance on these historical private sales prices, as they may differ materially from the opening public price and subsequent