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Coinbase Direct Listing Application With the SEC is Made Public
Coinbase revealed regulatory filing with the SEC to go public on Thursday...
It sets the stage for a milestone stock listing by the U.S. cryptocurrency exchange.
The company revealed back in December that it had applied with the U.S. Securities and Exchange Commission (SEC) to go public.
The move brings Coinbase a step closer to listing its shares on the Nasdaq, representing a landmark move for people vying for cryptocurrencies to move into the mainstream.
Notice the nod to Satoshi Nakamoto there.
The biggest U.S. crypto exchange made a cool $1.28 billion in revenue last year and has just a few active users, 43 million to be precise 👀.
Oh, and on top of that, its revenue grew 139% to $1.28 billion in 2020 while spending just 4% of that on marketing...
Coinbase growing revenues at 139% while spending 4% of revenue on marketing!? And they have 25% net margins👀— Rory Carron (@rorycarron) February 25, 2021
Net income for the year ended December 31, 2020, was $322.3 million, and their valuation is $100 billion...damn!
The filing contained a letter from Coinbase CEO Brian Armstrong, who said, "Coinbase is building the infrastructure to power the cryptoeconomy, helping bring the benefits of this new technology to the world."
"Our goal is to build a portfolio of products and services with efficient capital allocation and to demonstrate repeatable innovation," added Armstrong.