That valuation was based on $US350 a share, the price the stock was trading at on the Nasdaq Private Market auction.
The offering will be the first major direct listing, an alternative to a traditional IPO, to take place on the Nasdaq.
All such previous listings were on the New York Stock Exchange, including those by Roblox, Spotify Technology, Slack Technologies, Asana and Palantir Technologies.
Chief executive officer Brian Armstrong started Coinbase with Fred Ehrsam in 2012, at a time when few people had even heard of bitcoin, and many crypto exchanges were run by amateurs from their garages and homes.
Unlike most rivals, Coinbase’s founders envisioned strict regulatory compliance as a cornerstone of the operation, which has helped the exchange to grow in the US, where many early bitcoin traders and investors were located.
Bloomberg