Bitcoin (BTC) was moving toward a record price on Monday as the cryptocurrency sector prepares for this week’s market debut of Coinbase Global (COIN) – Get Report.
Bitcoin at last check was up 1.1% at $60,489. Bitcoin reached a record $61,742 on March 13.
Other cryptocurrencies were also climbing Monday. Marathon Digital (MARA) – Get Report was up 6.4%, Bit Digital (BTBT) – Get Report was up 4.4%, Riot Blockchain (RIOT) – Get Report +6.1%, Ebang (EBON) – Get Report was up 2.1%, and Ault Global (DPW) – Get Report was up 1.9%
Coinbase Global, the largest U.S. cryptocurrency exchange, will make its trading debut Wednesday through a direct listing on the Nasdaq.
The IPO values the company at about $100 billion, more than the New York Stock Exchange and Nasdaq Stock Market combined, according to Bloomberg.
The company’s founders, Brian Armstrong and Fred Ehrsam, own stakes worth $15 billion and $2 billion, respectively, according to Bloomberg estimates.
Coinbase has 56 million verified users and adds about 13,000 new retail customers a day, according to cryptocurrency analytics firm Messari.
In filings for the share sale Coinbase disclosed that it had received a subpoena from the Securities and Exchange Commission.
The inquiry was related to XRP, the Ripple-created digital token that is the subject of an SEC lawsuit, Bloomberg reported, citing a person familiar with the matter. The agency alleges that it was sold as an unregistered security,
Last month, Tesla (TSLA) – Get Report Chief Executive Elon Musk said the company would accept bitcoin as payment for its electric vehicles. The company in February disclosed a $1.5 investment in bitcoin.
Musk also said that paying by Bitcoin would be available to customers outside the U.S. later this year.
Digital-payments company Square (SQ) – Get Report had also declared a commitment to Bitcoin.
Earlier this year, MicroStrategy (MSTR) – Get Report said it had bought another 19,452 bitcoin for $1.03 billion.