Cryptocurrency exchange Coinbase has filed for an IPO with the US Securities and Exchange Commission (SEC). The company has chosen the direct listing route and has applied to list its shares on the Nasdaq.
- Coinbase filed Form S-1 Registration Statement for Thursday’s SEC with the SEC. The company announced in December that it had confidentially filed for an IPO.
- The company stated that it will “offer Class A common shares for sale through direct listing,” which means that “any person or company with a brokerage account” can place an order for the shares in the opening order book.
- The SEC filing explains that Coinbase has requested to list its Class A common stock “on the Nasdaq Global Select Market under the symbol COIN”.
- Coinbase claims it currently has “approximately 43 million retail users, 7,000 institutions and 115,000 ecosystem partners in over 100 countries”. As of December 31, 2020, the platform had traded $ 456 billion since its inception and stored over $ 90 billion in assets. In May 2020 the company became a “remote first company”, which means that “we have no headquarters”.
- In addition, Coinbase’s Rating jumped to more than $ 100 billion before going public. Axios: “The last batch of 127,000 shares has been sold [last] Friday at $ 373, which translates to a valuation of $ 100.23 billion. ” On FTX In turn, Coinbase’s pre-IPO contract (CBSE) soared when SEC filings were released, but has declined slightly since then.
- Regarding revenue, Coinbase stated, “Since inception through December 31, 2020, we have had total revenue of over $ 3.4 billion, mainly from transaction fees earned through volume-based trades on our platform by individuals and institutions . For the fiscal year ended December 31, 2020, transaction proceeds accounted for over 96% of our net sales. “
- For the IPO, the company stated, “We are being treated as an ’emerging growth company’ as that term will be used for specific purposes in the Jumpstart Our Business Startups Act 2012 until we finalize this listing.”
What do you think of Coinbase’s IPO? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on the content, goods or services referred to in this article.