Coinbase Global Inc. shares changed hands at a roughly $90 billion value last week, in what could be the final chance for investors to trade its private stock before the cryptocurrency exchange goes public, according to people familiar with the matter.

That valuation is based on $350 a share, the price the stock was trading at on the Nasdaq Private Market auction that ended last Thursday, the people said, asking not to be identified because the information was private.

Thursdays auction was the last time shares are being sold on the Nasdaq Private Market before Coinbase goes public in late March, the people said.

Some of the shares had traded at $375 earlier in the auction, which would roughly value the company at close to $100 billion, they added.

Private trading is more restrictive and volumes are usually smaller than in the public markets, and not a perfect picture of the companys value. The Nasdaq private market is a division of Nasdaq devoted to trading shares in companies before they go public.

Ahead of the direct listing, the Nasdaq still needs to set a reference price for investors, which is partly based on private trading activity. These private trades arent necessarily indicative of where the stock will actually trade.

Representative for Coinbase and Nasdaq declined to comment.

Nasdaq First

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 Spotify Technology SA, Slack Technologies Inc.,

Asana Inc. and Palantir Technologies Inc.

Online video game company

Roblox Corp. has also announced that its planning a direct listing, after earlier delaying its IPO and raising capital privately.

Coinbase wont raise any proceeds in the transaction, according to its filings with the U.S. Securities and Exchange Commission. The company didnt list an address for its headquarters, saying that instead it became a remote-first company in May.

For More: Coinbase Reveals U.S., State Probes as It Seeks to Go Public

The company swung from a loss to a profit of $322 million last year on net revenue that more than doubled to $1.14 billion, according to its filings.

Started in 2012, Coinbase has raised more than $500 million from backers that include Y Combinator and

Greylock Partners,

Tiger Global Management, Andreessen Horowitz,

Ribbit Capital,

Union Square Ventures and co-founder Frederick Ernest Ehrsam III among its biggest shareholders, filings showed.

Owners of Coinbases Class A common stock will be allowed to sell in the listing and wont be subject to lock-up agreements. Class A stock carries one vote per share, while Class B has 20, according to the filing.

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