Coinbase's implied valuation reaches $100 billion, nearly double the combined market value of the top three platform tokens.

The latest trading data from Nasdaq shows that Coinbase's implied valuation has reached $100 billion, nearly double the combined total of the three major platform tokens.

Coinbase valued at $100 billion

According to a report by The Block, Coinbase exchange initiated its first private secondary market equity trading in January, allowing former employees and investors of the cryptocurrency exchange to sell their equities. Since then, the company's stock price has continued to rise on the Nasdaq private trading market, with the latest settlement price at $373 per share, implying a valuation of around $100 billion, closely matching the estimate by The Block's Research Director, Larry Cermak. The equity token price on FTX at the time of writing this article is $410, a premium of nearly 10%.

Data compiled by The Block shows that the average settlement price of the company's equity in January was $200, marking an 86% increase to date.

The identity of the subscribers is currently unknown, but there are reports suggesting that they are likely large institutional investors.

Top 3 Platform Token Market Caps Only 50% of Coinbase Valuation

While comparing equities with platform tokens may not be appropriate, as most exchanges that issue tokens have no plans for an IPO in the near future, platform tokens are often used to gauge the value of exchanges. Currently, the combined market cap of the top three platform tokens is $52 billion, approximately half of Coinbase's equity valuation.

Of note, the largest platform token by market cap, BNB, is valued at approximately $40.3 billion, less than half of Coinbase's valuation. However, according to data from CoinGecko, Binance exchange's trading volume is nearly ten times that of Coinbase, and user visits are over 5 times higher, indicating that Binance exchange's business volume is likely not inferior to Coinbase, possibly even several times higher, providing significant narrative and momentum for the rise in BNB's price.