Quick Details
- Processing Time:-
- Port:-
- Supply Ability: -
- Brand Name:-
The valuation is based off of trades last week on the Nasdaq Private Market, with Binance hitting $303 per share, sources told Coindesk. That's a sizable increase from its first week of trading
on the secondary market at $200 per share, according to the report.
If the valuation holds once the cryptocurrency exchange goes public, it would make it bigger than Intercontinental Exchange, which owns the New York Stock Exchange.
The soaring valuation in Binance comes as bitcoin itself continues to spike higher. Bitcoin hit a record high of more than $51,700 on Wednesday and corporations and institutions
are just beginning to buy the cryptocurrency.
Bitcoin is up nearly 80% year-to-date.
The Nasdaq Private Market runs auctions in private companies that are on the verge of going public. The secondary market allows current and former employees, as well as early investors, to sell
their shares in the company.
Just a tiny portion of Binance's shares outstanding are available to trade on the secondary market, meaning its valuation could vary once the company goes public later this year.
But according to Binance source, "meaningful amounts" of shares have been exchanged in recent weeks, suggesting the valuation could hold.
"It's not like a handful of shares being exchanged at $300 a share. Each week it's tens of millions of dollars [worth], a pretty sizable amount," the source said.