IPO Report: Coinbase reference price set at $250 as it prepares to go public Wednesday

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Coinbase, one of the first cryptocurrency exchanges to go public, is set to start trading Wednesday with a reference price of $250 a share, which would give the company a nearly $50 billion valuation.

The Nasdaq Stock Market determined and announced the price Tuesday, ahead of the expected public stock-market debut of San Francisco-based Coinbase, the largest exchange for crypto, under the ticker “COIN.”

Coinbase’s listing comes after bitcoin

on Tuesday rose to as high as $63,000, a record, and as digital currency increasingly becomes mainstream. In the past month, companies such as PayPal Holdings Inc.

and Tesla Inc.

have announced they would allow bitcoin for purchases. Earlier this year, Bank of New York Mellon said it would offer the same services for bitcoin and other cryptocurrency as it does for more traditional financial holdings.

See: Bitcoin climbs as Elon Musk says Americans can now use it to buy a Tesla

Coinbase, whose users primarily deal in bitcoin and ethereum, reported last week that its revenue soared 847% in the first quarter to $1.8 billion, and that it now has 56 million verified users.

Reference prices for direct listings are based on trading prices in private markets before companies’ public-listing filings with the Securities and Exchange Commission. Direct listings differ from IPOs because there is no capital raised, on which dollar figures on shares in an initial public offering are based. A reference price does not determine where the stock will open.

At $250 a share, Coinbase’s fully diluted valuation would be $65.3 billion.

Read: Coinbase CEO’s charity enlists ‘ambassadors’ to help donate cryptocurrency

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