Coinbase, the top cryptocurrency exchange in the United States will soon be a publicly listed company once its COIN stock launches on the Nasdaq stock exchange on April 14.
Generally, the sentiment around the listing has been overwhelmingly positive from both the crypto and traditional financial markets. With the date fast approaching, analysts have been issuing a variety of perspectives related to how the listing could impact Bitcoin and altcoin prices.
Coinbase rally, crypto top?
As Cointelegraph previously reported, Coinbase is technically not conducting an initial public offering (IPO).
Instead, the exchange is directly listing on the Nasdaq, bypassing the need to work with investment banks which are often costly for businesses.
Despite the lack of involvement of investment banks in the process of listing Coinbase, there is significant hype around COIN.
While speaking CNBC’s Squawk Box on April 12, Jim Cramer said:
“You gotta buy Coinbase when that deal comes, even though it’s a $100 bilion deal, this has become common knowledge that there are many companies that are going to switch. MicroStrategy has always been the leader, so others would want to follow.”
— Squawk Box (@SquawkCNBC) April 12, 2021
There are several reasons why investors in the traditional financial market are optimistic on COIN.
Most notably, the two main factors are: getting exposure to the crypto market without owning cryptocurrencies and the lucrative business model of Coinbase.
According to Ben Lilly, the co-founder of Jarvis Labs:
“Coinbase is the watershed moment in terms of legitimizing some valuations you see in crypto, particularly around DEXs who have a tiny fraction of the amount of employees and opex that a Coinbase or ICE has. Crypto is an asset with incredible volume and diversity, which is poised to grow even more. Coinbase…