ETF investors say Coinbase listing will cause explosion in crypto investing CNBC 3 days ago
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The pending Coinbase direct listing, scheduled for Wednesday on the Nasdaq under the symbol COIN, is exciting a broad base of the investment community outside the usual cryptocurrency crowd. Coinbase is going to blow people s minds, said Matt Hougan, chief investment officer at Bitwise Asset Management, which pioneered the first cryptocurrency index fund. I think it s going to force traditional finance to wrestle with the phenomenal growth that is taking place in crypto.
It s not hard to understand why. Coinbase is likely the biggest beneficiary of the cryptocurrency revival. It had 56 million verified users, with $1.8 billion in revenues in the first quarter alone, and a value that could be anywhere from $50 billion to $100 billion.
Coinbase Listing Would Change Game for Crypto: ETF Investors insidebitcoins.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insidebitcoins.com Daily Mail and Mail on Sunday newspapers.
It s not hard to understand why. Coinbase is likely the biggest beneficiary of the cryptocurrency revival. It had 56 million verified users, with $1.8 billion in revenues in the first quarter alone, and a value that could be anywhere from $50 billion to $100 billion.
That is an extraordinary valuation for an exchange of any type. By contrast, Intercontinental Exchange, which runs the New York Stock Exchange, has a market cap of $65 billion, while Nasdaq has a market cap of $25 billion.
That kind of valuation is getting the investment community and particularly exchange-traded fund investors very excited.
Biggest crypto pure play
Crypto assets have had the same problem that other hot commodities (like pot or space) have had in the past: a high degree of interest with a notable lack of investible assets. Coinbase, however, will go a long way toward solving that problem.
Why Many ETF Investors Excited About Coinbase IPO benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Mark Yusko, founder, CEO and CIO at
Morgan Creek Capital Management, recently argued that soon it could be considered irresponsible to ignore Bitcoin (BTC), the flagship cryptocurrency.
In an interview with MarketWatch, Yusko said that he believes we’ll all be looking back 5 years from now, and it will be considered “fiduciarily imprudent” to have no exposure to crypto-assets.
Yusko pointed out that there are institutional investors now who claim they’re “dabbling” in digital currency, meanwhile, others say they’re “evaluating” their options. However, Yusko claims this is probably a “euphemism for doing nothing.”
During MarketWatch’s “Investing in Crypto” online event,