sources 100b 141m 691mprimackaxios – Coinbase, one of the world’s largest cryptocurrency exchanges, has been making waves in the financial world for quite some time now. With the rise of cryptocurrencies and blockchain technology, Coinbase has been at the forefront of this revolution, providing a platform for users to buy, sell, and trade various cryptocurrencies.
In preparation for its much-anticipated direct listing on the Nasdaq, Coinbase conducted a private share sale that reportedly valued the company at over $100 billion. The details of the private share sale were revealed in documents filed with the Securities and Exchange Commission (SEC) on March 1, 2021.
According to these documents, Coinbase had a net income of $141 million on $691 million in revenue for the first nine months of the fiscal year 2020. This is a significant increase from the previous year, where the company had a net income of $30 million on $580 million in revenue.
The surge in revenue and income can be attributed to the explosive growth of cryptocurrencies in the past year, with Bitcoin, the world’s largest cryptocurrency, hitting all-time highs in December 2020. As more and more investors turn to cryptocurrencies as a store of value and a means of investment, Coinbase has been able to capitalize on this trend.
Coinbase’s direct listing on the Nasdaq is expected to take place in the coming weeks, with the company opting for a direct listing rather than a traditional initial public offering (IPO). A direct listing allows the company to avoid the fees associated with an IPO and allows existing shareholders to sell their shares directly to the public.
The move to go public comes at a time when cryptocurrencies are gaining more mainstream acceptance, with major companies such as Tesla investing in Bitcoin and PayPal allowing users to buy and sell cryptocurrencies on their platform.
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Despite the growing interest in cryptocurrencies, there are still concerns about their volatility and regulatory uncertainty. As a result, Coinbase has taken steps to ensure compliance with regulatory requirements, including registering with the Financial Crimes Enforcement Network (FinCEN) and the US Treasury Department’s Office of Foreign Assets Control (OFAC).
In conclusion, Coinbase’s private share sale and the impressive financials revealed in the SEC filing highlight the significant growth and potential of the cryptocurrency industry. As cryptocurrencies become more mainstream, Coinbase is well-positioned to capitalize on this trend and continue to be a major player in the financial world.
