bitcoin.com – 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.
- 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.”
