Coinbase valuation / Regulatory bill in the House / McAfee sale

Mere weeks before its public listing, Coinbase looks to be valued at just under $100B.

Inside.com Part of   Network March 09, 2021

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Coinbase stock traded at ~$350 per share in its last private sale of shares last Thursday, giving the company a valuation of $90B. The company is set to go public this month through a direct listing.  More:  The shares were sold through a Nasdaq Private Market auction.  Some of the shares sold for as much as $375, which would value Coinbase at nearly $100B. Coinbase's public offering will be the first significant direct listing to happen through the Nasdaq.  Direct listings are an increasingly popular alternative to a traditional IPO, but most of them happen on the New York Stock Exchange (NYSE) and not the Nasdaq.  Other recent direct listings onto the NYSE included Spotify, Slack, Asana, and Palantir Technologies. According to SEC filings, with the direct listing, Coinbase won’t be raising any funds.

A new bill in the House has been filed that seeks to establish a joint research operation to review U.S. regulatory policies regarding digital assets. The bill was introduced by Rep. Patrick McHenry from North Carolina.  More:  If passed, the bill would make the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) work together with non-governmental experts to review current regulations with the end goal of supporting innovation.  The bill was put together and submitted by a group of lawmakers from the House Financial Services Committee.  The full analysis and written review of the U.S.' current regulations of digital assets would have to be submitted to the CFTC and SEC within a year of the bill's passing.

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Security Firm McAfee, founded by crypto personality John McAfee, announced the sale of its enterprise business unit to a private equity group for $4B. Founder John McAfee was indicted on charges related to cryptocurrency fraud and market manipulation late last week. More:  McAfee sold the enterprise business to Symphony Technology Group, which also purchased RSA from Dell for $2B in February 2020. Like McAfee, RSA is an enterprise business focused on security initiatives. McAfee raised $740M for an IPO in October 2020, after going private 10 years ago.  On Friday, U.S. federal authorities alleged that McAfee and his adviser Jimmy Watson intentionally pumped and dumped crypto tokens to enrich themselves.  McAfee is currently being held in prison in Spain on separate tax-evasion charges. Parts of this story first appeared in Inside Business. You can read the original story here.

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Michael Tant is a Business Researcher at Inside. He's passionate about economics, technology, crypto, and investing. Editor Jonathan Harris is a writer for Inside.com. Previously, he wrote for The Huffington Post, TakePart.com, and the YouTube channel What’s Trending.

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