TechFlow reports, according to the Ming Pao, that since the U.S. Securities and Exchange Commission (SEC) announced in January the approval of spot Bitcoin exchange-traded funds (ETFs), Coinbase, the world's second-largest cryptocurrency exchange, has seen its market value surge. This week, its market capitalization surpassed $50 billion (currently $48.649 billion), exceeding both Hong Kong Exchanges and Clearing Limited (HKEX, market cap approximately $41.01 billion) and Deutsche Börse, making it the fourth-largest listed exchange globally.
In addition, Bloomberg data shows that as of last December, among major global listed exchanges, Coinbase had the highest forecast price-to-earnings ratio at 124 times, while HKEX's forecast P/E ratio stood at 26.94 times, still higher than most exchanges worldwide.
