Here comes the boom! The big fish is here, all ready to go public in one of the most key listings for the cryptocurrency category. Coinbase, the American crypto exchange, is gearing up for an IPO.
The company filed paperwork on Thursday for a direct listing that reveals profitability as well as growing revenue. It plans to list on Nasdaq under the ticker COIN. Since this is a direct listing, the firm is not looking to raise money as it heads for the public market.
Its debut, however, has been hotly anticipated.
CEO Brain Armstrong, in a letter included in the company’s prospectus:
“People are using cryptocurrency to earn, spend, space, stake, borrow, lend, vote, and perform many other types of economic activity. The cryptoeconomy is not intended to replace the traditional economy, but instead be a complement to it.”
Financials show that Coinbase grew rapidly from 2019 to 2020. It registered a net income of $30.4 million against $533.7 million in revenue in 2019, which then swiftly rose up to $127.5 million against revenue of $1.28 billion.
This means that the crypto unicorn grew an impressive 139% last year, making for a massive improvement. But probably not that massive as the $100 billion valuation that some investors are keen on slapping on the private markets.
Coinbase disclosed that it had 2.8 million users monthly that transact on its platform, with a total of 43 million verified users at the end of 2020.
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