Cryptocurrency exchange Coinbase, set to go public with a $90 billion valuation — and it’s probably heading higher

New York (CNN Business)Cryptocurrency exchange Coinbase Global is set to go public Wednesday at a valuation north of $90 billion, as the company takes advantage of surging demand (and prices) for bitcoin, ethereum and other digital currencies.Coinbase said that it was setting a reference price for its stock of $250 a share. The company is listing shares directly on the Nasdaq, as opposed to selling new stock through an initial public offering. It’s how RobloxPalantir and Spotify (SPOT) also went public.Shares are likely to begin trading later Wednesday morning or early afternoon. But many market observers expect the stock will rise sharply from its $250 reference price, because the company is already profitable, has rapidly rising sales and a growing number of customers. As of mid-morning, the stock was indicated to open at $350. That would value Coinbase at $91.5 billion.

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