Coinbase IPO: Highly Anticipated Offering Could See $50 Billion Valuation

The cryptocurrency boom shows no signs of slowing. With retail and institutional interest only increasing, and a new IPO from Coinbase (NASDAQ:COIN) on the way, the global cryptocurrency market just hit a market cap of $2.2 trillion, as Bitcoin rallied to $63,420. That’s great news for cryptocurrency related companies like TechX Technologies Inc.’s (CSE:TECX)(OTC:LLNKF)(FRA:C0B:FF), Riot Blockchain (NASDAQ:RIOT), Marathon Digital Holdings Inc. (NASDAQ:MARA), and MicroStrategy Inc. (NASDAQ:MSTR).

Helping, Coinbase will start trading on Wednesday. According to Blomberg, “The NASDAQ set a reference price of $250 for the direct listing.” If that’s the case, it would give the company a valuation of nearly $50 billion. In addition, “Since this is the first major U.S. cryptocurrency exchange to be publicly listed, it could be a major step towards the widespread adoption of digital currency and will go a long way towards legitimizing the industry. This is one of the big reasons why the company’s debut is attracting so much attention,” reported Entrepreneur.

Again, that could be incredibly beneficial for companies like TechX Technologies Inc., which just announced that its portfolio company, achieved 1,542% quarter over quarter growth in trading volume.

Catalyx is Quickly Achieving Impressive Growth

TechX Technologies Inc. just announced that its portfolio company, Catalyx Exchange has achieved significant growth in trading volume, daily users, deposits and revenue in the first quarter ended March 31, 2021., Canada’s premier cryptocurrency exchange, is a Canadian-based FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology.

Catalyx announces the following key metrics from March 2021:

- Trading volume increased 91% Month-over-Month (MoM) from C$14.88 million in February 2021 to C$28.44 million in March 2021.

- Deposits increased by 163% MoM from C$3,465,636 to C$9,119,407.43.

- Revenue increased by 76% MoM from C$156,754.48 to C$275,540.43.

Catalyx also announced the following key metrics for Q1 2021 (for the three months ended March 31, 2021) compared to Q4 2020 (for the three months ended December 31, 2020):

- Trading volume increased 1,542% Quarter-over-quarter (QoQ) from C$2.88 million in Q4 2020 to C$47.3 million in Q1 2021.

- Number of transactions increased 3,642% QoQ from 1,191 transactions in Q4 2020 to 44,583 in Q1 2021.

- Deposits increased by 1,050% QoQ from C$1.2 million to C$13.8 million.

- Revenue increased by 545% QoQ from C$82,172.97 to C$529,725.03.

“We are very pleased with our ongoing growth, which is reflected in our numbers from January, February and now, March,” said Catalyx CEO, Jae Park. “Catalyx continues to focus on user acquisition and revenue growth and we expect to see our trading volume, deposits and revenue continue to grow along with the booming market.”

“Once again, Catalyx has revealed exciting growth numbers for last month, which came at no surprise considering the ever-growing excitement surrounding crypto, along with the exchange’s superior features such as having the tightest spreads, fully featured order book and the lowest price for bitcoin in Canada,” said TechX CEO, Peter Green.

“The results from the first quarter of 2021 have been extremely encouraging and we look forward to seeing an even bigger increase across the board when those results come in at the end of the month. It’s clear that Catalyx is the top crypto exchange in Canada and we are very happy to be partnered with them.”

Other related developments from around the markets include:

Riot Blockchain, one of the leading Nasdaq listed Bitcoin mining companies in the United States, announces an operations update that includes an unaudited Bitcoin production and an unaudited BTC holdings update, through March 2021. In March 2021, Riot produced 187 BTC, an increase of 80% over its pre-halving March 2020 production of 104 BTC. In Q1 2021, the Company produced 491 BTC, an increase of 75% over its pre-halving Q1 2020 production of 281 BTC. As of March 31, 2021, Riot holds over 1,565 BTC on its balance sheet, all of which was produced by its mining operations. On April 6, 2021, the Company bolstered its management team, appointing Megan Brooks as Chief Operating Officer and welcoming Phil McPherson as Vice President, Capital Markets and Ryan Werner as Vice President, Finance. On April 8, 2021, Riot announced that it had signed a definitive agreement to acquire Whinstone US, Inc., creating a US-based industry leader in Bitcoin mining.  

Marathon Digital Holdings Inc., one of the largest enterprise Bitcoin self-mining companies in North America, published unaudited bitcoin production and miner installation updates for the first quarter, ended March 31, 2021. Produced 196 new minted bitcoins in the first quarter of 2021, increasing total bitcoin holdings to 5,134.2 with a fair market value of approximately $301.9 million as of March 31, 2021. At March 31, 2021, cash on hand was approximately $212 million and total liquidity, defined as cash and bitcoin holdings, was approximately $513.9 million. Received approximately 10,300 S-19 Pro ASIC miners from Bitmain during the first quarter of 2021.

MicroStrategy Inc., the largest independent publicly-traded business intelligence company, announced that it had purchased an additional approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses.  As of February 24, 2021, the Company holds an aggregate of approximately 90,531 bitcoins, which were acquired at an aggregate purchase price of approximately $2.171 billion and an average purchase price of approximately $23,985 per bitcoin, inclusive of fees and expenses. 

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