By Tyler Durden,
Coinbase, one of the biggest and most established cryptocurrency exchanges in the world, has filed to go public via a direct listing in the US. The listing – which has been described as a “break-through moment” for the industry – will see shares of Coinbase trade on the Nasdaq following a direct listing.
The company filed its S-1 Thursday morning, offering the most insight yet into the firm’s financials.
Coinbase, which has seen its revenue explode over the last 12 months, is hoping to list under the ticker “COIN”.
Axios reported earlier this month that Coinbase was valued at just over $100B during its most recent private fundraising round.
Here are some more details from the private markets listing.
The goal was to help Coinbase determine a reference price for its public offering, which will be done via direct listing instead of IPO.
The initial batch of 75,000 shares was sold on Jan. 29 at $200 per share. That worked out to a valuation of nearly $54 billion, compared to the $8 billion valuation Coinbase received during its prior venture capital round in late 2018.
The next two batches were sold at $301 and $303, respectively.
The most recent batch of 127,000 shares was sold Friday at $373, which works out to a valuation of $100.23 billion.
At that valuation, COIN would clinch the highest IPO valuation ever, higher than Uber and Facebook.
Here’s a rundown of the key numbers from the Coinbase S-1.
The company reported monthly transacting users 2.8M in 2020 and had verified users of 43M
The company had 2020 income of $322m vs. a loss of $30M a year earlier
Coinbase reported Adj. EBITDA $527M for 2020
The company had 2020 net revenue of $1.14B vs. $482.9M y/y, majority of which came from transactions in bitcoin and Ethereum
Make no mistake: Coinbase listing on the Nasdaq would represent an unmitigated victory for crypto enthusiasts. And in a cute hat/tip to the man/woman/person who started all this, Coinbase ‘copied’ the S-1 to Satoshi…
Source : https://www.zerohedge.com/crypto/coinbase-files-ipo-43-million-users-revenue-topped-12bn-2020