Coinbase IPO “is an Amazon Moment for Cryptocurrencies” says D.A Davidson

Coinbase App User Interface
Coinbase App User Interface

Coinbase, the popular cryptocurrency exchange platform, is expecting a direct listing soon. The company said it has 43 million verified users with 2.8 million users conducting transactions on a monthly basis. An analyst for D.A Davidson said Coinbase’s upcoming IPO will be a milestone event.

“While we are still in the early stages of adoption, the market value of exchange-traded crypto assets was already approximately $782 billion as of December 31, 2020,” Coinbase said in its filing.

“Our objective is to drive the growth of the overall crypto-economy by serving the needs of all consumers who manage their financial lives on a mobile device. Additionally, every institution — large or small — which embraces the emerging internet of value,” continued Coinbase.

In a note, D.A Davidson said the cryptocurrency exchange coverage is with a “buy” rating and a price target of $195. Gil Luria, Director of Institutional Research at D.A Davidson described Coinbase Initial Public Offering as an “Amazon moment for crypto.” Digital currencies will move from “a large curiosity to becoming the future path for much of the financial system.”