Skip to main content

Coinbase Files for IPO via Direct Listing on Nasdaq — Valuation Soars Above $100 Billion

Coinbase Files for IPO via Direct Listing on Nasdaq — Valuation Soars Above $100 Billion

Cryptocurrency exchange Coinbase has filed for an initial public offering with the U.S. Securities and Exchange Commission (SEC). The company has chosen the direct listing route and has applied for its shares to be listed on Nasdaq.

  • Coinbase filed Form S-1 Registration Statement for its IPO with the SEC on Thursday. The company revealed in December that it had confidentially applied to go public.
  • The company explained that it is offering “Class A common stock for sale via a direct listing,” which means “any person or business with a brokerage account” can place an order for the shares in the opening order book.
  • The SEC filing explains that Coinbase has applied to list its Class A common stock “on the Nasdaq Global Select Market under the symbol COIN.”
  • Coinbase states that it currently has “approximately 43 million retail users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries.” As of Dec. 31, 2020, the platform had executed $456 billion in trading volume since its inception and stored over $90 billion worth of assets. In May 2020, the company became “a remote-first company,” which means, “we do not maintain a headquarters.”
  • Moreover, Coinbase’s valuation jumped to more than $100 billion ahead of the IPO. According to Axios, “The most recent batch of 127,000 shares was sold [last] Friday at $373, which works out to a valuation of $100.23 billion.” On FTX exchange, Coinbase’s (CBSE) pre-IPO contract soared when the SEC filing news broke but has since retreated slightly.

Coinbase Files for IPO via Direct Listing on Nasdaq — Valuation Soars Above $100 Billion

  • As for revenue, Coinbase declared that “Since inception through December 31, 2020, we generated over $3.4 billion in total revenue, largely from transaction fees that we earn from volume-based trades on our platform by retail users and institutions. For the year ended December 31, 2020, transaction revenue represented over 96% of our net revenue.”
  • For its IPO, the company explained: “We will be treated as an ’emerging growth company’ as that term is used in the Jumpstart Our Business Startups Act of 2012 for certain purposes until we complete this listing.”

What do you think about Coinbase’s IPO? Let us know in the comments section below.



from Bitcoin News https://ift.tt/2MonbGu
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more