U.S. digital currency exchange Coinbase has officially filed to become a publicly-traded company, riding bitcoin’s meteoric rise that has sent the crypto markets advancing.
Coinbase’s filing with the U.S. Securities and Exchange Commission on Thursday is seen to be one of the largest initial public offerings in years. The crypto exchange’s revenue more than doubled last year as it rose to a profit in the face of a boom in digital asset trading.
Coinbase, the biggest crypto exchange in the U.S., has emerged as one of the most popular names in the industry, with over 43 million verified users and nearly 3 million that use the company’s trading platform monthly.
Much-awaited public debut
Coinbase’s public debut has been hotly anticipated thanks to recent robust activity among bitcoin (BTC) and other blockchain-based virtual assets and its surging market valuation on private exchanges.
The filing lays out the exchange’s surprisingly profitable 2020 propelled by a massive rally in the price of bitcoin. The company generated more than $1 billion in revenue over the course of 2020 for a profit of $322 million.
Bitcoin climbed in value by an impressive 300% in 2020, while ethereum surged close to 500%, and the two cryptos have both stretched their advance to usher in 2021. While Coinbase generates most of its earnings by allowing investors to trade, borrow and store digital assets, it also makes its own investments in the leading digital currencies.
‘COIN’ on NASDAQ
Founded in 2012, Coinbase enables users to buy, sell, and store cryptocurrencies like bitcoin and ethereum. The electronic brokerage, which competes with Gemini, CEX.IO, and Coinmama disclosed plans to go public in December.
Shares of Coinbase will be listed on the NASDAQ Global Select Market via a direct listing under the symbol “COIN.”
The digital unicorn grew nearly 140% last year, a tremendous performance on its 2019 financial results. Its scale and growth help people get a good grasp on why some investors are bidding its value up to as much as $100 billion on the private markets.
Image courtesy of Blockchain WTF/YouTube Screenshot
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Source: https://bitcoinerx.com/bitcoin/coinbase-the-biggest-us-based-crypto-exchange-files-to-go-public/
