Major crypto exchange firm, Coinbase Global Inc. has announced its filing of a registration statement to the U.S. Securities Exchange Commission. Coinbase filed its statement on Form S-1 for confirmation of a proposed public direct listing on its Class A common stock. According to the statement, Coinbase will list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “COIN.”
Coinbase’s offering document has matched the anticipation that loomed around the firm going public. The S-1 statement shows a fast-rising company with incredible numbers in profits. It gives insight into the remarkable highs that the crypto exchange firm has been reaching in the few years of its existence.
Double Success From 2019 To 2020
Coinbase’s registration statement discloses that as of last year, the company had accumulated a record high of $3.4 billion in total revenue and precisely $1.28 billion in 2020 alone. The company made a 139.7% revenue increase compared to 2019 where it reached a revenue of $534 million. The majority of this flattering revenue (96 percent) was from transaction fees.
In 2020, Coinbase’s net income was a whopping $322.3 million. The 43 million verified users and 2.8 million monthly transacting users that the crypto firm had acquired by 2020 account for the immense contribution of transaction fees to the total revenue.
Coinbase Assets Increase Excitement Over IPO
Coinbase’s proposed public direct listing will not be sold before approval from SEC following the registration statement. However, this has not stopped speculation on its value. Investors in private markets are bidding Coinbase up to $100 billion. Evidently, there is excitement over when the SEC finally approves Coinbase’s IPO, especially following the attractive assets the S-1 statement showed.
By the end of 2020, the crypto exchange firm had cash and cash equivalents of $1.1 billion and $48.9 million of USDC. Coinbase had $130.1 million of Bitcoin, $23.8 million of Ethereum, and $34.0 million of other cryptocurrencies. The “COIN” that the proposed public direct listing will present will represent all of these assets for Coinbase. The recent increased activity surrounding bitcoin and other cryptocurrencies is more reason for crypto enthusiasts to anticipate the confirmation of Coinbase’s registration statement.