Cryptocurrency exchange and brokerage giant Coinbase internally values itself at $8 billion, sources familiar with the company’s offer to purchase Bitcoin startup Earn.com say.

Tech news outlet Recode reports that when Coinbase acquired Earn.com last month, its offer included an equity package that tacitly valued the exchange operator at $8 billion.

That’s a significant step up from its most recent appraisal, which occurred less than one year ago.

Coinbase received a $1.6 billion valuation last August after concluding a $100 million Series D funding round led by IVP. This made the company the first “cryptocurrency unicorn” and cemented its place as one of Silicon Valley’s most coveted investments.

Much has happened in the eight months hence, however, both at Coinbase and in the cryptocurrency industry writ-large.

Coinbase is said to have raked in more than $1 billion in revenue in 2017, with a large percentage of that accumulated during the fourth-quarter rally that drove the Bitcoin price to nearly $20,000.

The exchange operator has reportedly approached regulators to discussing registering as a licensed brokerage firm, which would allow it to list security tokens in a compliant manner.

The company has also gone on an “acqui-hiring” spree, purchasing Earn.com for more than $100 million and adding one-man startup Cipher Browser to its portfolio.

Moreover, Coinbase has expanded its product line significantly, adding a cryptoasset custodial service for institutional buyers and launching a cryptocurrency index fund. The company has also revamped its payments platform, through which merchants can accept cryptocurrency payments with little effort on their end.

But though Coinbase’s internal appraisal represents a $6.4 billion increase in just eight months, it’s not the only one who believes its value has soared. Brokers have reportedly approached current Coinbase investors about purchasing their shares at prices that would give the company a $4.5 billion to $6 billion market cap.

Coinbase did not immediately respond to a request for comment.

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