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Coinbase Global Inc. plans to go public in a much-anticipated direct listing on April 14, America’s largest cryptocurrency exchange announced Thursday.
The company, founded in 2012, offers a range of services to institutional and retail clients in the crypto markets. It has approximately 1,200 employees and 43 million customers in more than 100 countries. In 2020, it generated $ 1.3 billion in revenue and made a profit of $ 322 million.
It is not known how much money Coinbase will raise in the offer. In private markets, shares had recently changed hands at a price that would give the company a valuation of $ 67.6 billion, she revealed in a regulatory filing. Anything he raises will be added to the billion dollars in cash the company has at its disposal, giving it a big war chest to weather Bitcoin’s notorious highs and lows.
Coinbase’s fortunes are closely tied to Bitcoin, the digital currency launched over a decade ago. 96% of Coinbase’s revenue comes from transaction fees, meaning the company profits when bitcoin is in one of its frenzied trading phases. In 2019, a declining year for bitcoin, the company lost around $ 30 million.
Digital currency is booming right now. Bitcoin was trading above $ 58,000 on Thursday and has doubled since the start of the year.
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