Coinbase was the first cryptocurrency-related business to reach a $100 billion market capitalization in 2021.
Coinbase reached an implied market value of about $100 billion during its direct listing on the Nasdaq on April 14, 2021. Unlike a traditional initial public offering, a direct listing allows existing shareholders to sell shares without the company issuing a conventional batch of new shares for the listing itself.
Founded in 2012, Coinbase operates a cryptocurrency exchange and related financial services platform. Its valuation reflected expectations that digital assets would become a larger part of the financial system, as well as the company’s role as a regulated and accessible gateway for many retail and institutional users.
The $100 billion figure was an early trading valuation and later fluctuated significantly with cryptocurrency prices, transaction volumes, and broader technology-market conditions. Coinbase’s market cap should not be confused with the total value of all cryptocurrencies traded on its platform.