Bitcoin has hit a record high of more than $62,000 U.S. as investor excitement builds for the stock market debut of cryptocurrency exchange Coinbase.
The price of Bitcoin has climbed more than 4% to hit $62,718 U.S., according to data from Coin Metrics. Ether, the second-most valuable digital coin, also set a record high of $2,210 U.S.
The record highs for cryptocurrencies come as Coinbase is set to go public on Wednesday via a direct listing that could value the company at more than $100 billion U.S. Cryptocurrency investors are hailing Coinbase’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and financial regulators.
Coinbase, founded in 2012, is the largest cryptocurrency exchange in the U.S. It has seen surging revenues this year thanks to a climb in the value of Bitcoin and other cryptocurrencies. The company reported estimated revenues of $1.8 billion U.S. in the first quarter, a nine-fold increase from the same period a year earlier, while profits grew to $800 million U.S.
Bitcoin has more than doubled in price since the start of this year, as mainstream investors jump into cryptocurrencies. Tesla (NASDAQ:TSLA) recently made a $1.5 billion U.S. bet on Bitcoin and now accepts the digital coin as a method of payment for its vehicles. Wall Street firms such as Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) are looking to offer their wealthy clients some exposure to Bitcoin.
