Coinbase is going public to follow bitcoin “boom” momentum
Coinbase Global, Inc. announced this Thursday morning (25) that it had submitted to the United States Securities and Exchange Commission (SEC), a proposal for a public listing of its shares on the American stock exchange. If the request is accepted by regulators, Coinbase will officially become a publicly traded company. The company chose the Nasdaq stock exchange to trade its common shares under the symbol “COIN”.
Coinbase’s entry into the stock exchange is being very awaited by the crypto community, as the company is today the largest trading platform for bitcoin and other cryptocurrencies in the United States.
Analysts recently estimated that Coinbase’s public offering could make the company worth $ 100 billion. To ensure good performance in the future and in the listing process, Coinbase said in the report released today that it is being advised by major banks such as J.P. Morgan, Goldman Sachs, and Citigroup.
In the same document sent to the SEC, the company disclosed the profits it made last year. In one year, Coinbase nearly doubled its turnover. In 2020, its total revenue was $1.3 billion, while in 2019, the value was $ 533.7 million. According to the document, the exchange’s gross profit last year was $322 million.
It is not surprising to see profits rise as the cryptocurrency market exploded in 2020 with the appreciation of bitcoin and the entry of institutional investors. According to the company, there was a significant increase in its customer base, rising to 43 million verified users. In that number, there are 2.8 million users trading monthly on the platform.