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Unpublished crypto unicorn revelations. Tempting details before a historic listing on the Nasdaq. Another complex scenario amid a bullish period for Bitcoin and the wider crypto space.
It’s Coinbase, the US-based crypto exchange that is on track for a major direct listing later this year. A key step in this direction was taken Thursday when the company’s S-1 filing, a draft of which was filed confidentially with the SEC in December, went public.
One could be excused for feeling a little dizzy amid the avalanche of information released today on Coinbase, so let’s recap the big chunks and major elements of S-1.
(If you’re a Research subscriber, don’t miss the Coinbase team’s in-depth exploration of its history, and the ins and outs of its multi-faceted business).
Volumes, revenues and more
The Block Research team created a series of handy charts using data from S-1, including volume numbers and the breakdown of Coinbase’s institutional and retail clientele.
Coinbase’s deposit noted that in the fourth quarter of 2020, it had 43 million verified users on its platform – and 2.8 million users making monthly transactions. This is compared to 1 million a year ago.
Looking at the volume data, one can see the institutional footprint growing on Coinbase’s services – although more and more retail users have also integrated in recent months at significant rates.
On the revenue side, Coinbase only provided data going back to the first quarter of 2019. Yet available information shows steady growth from mid-2020, with revenue expected to surge due to business activity. recent in the first quarter of this year.
Key details of the S-1
S-1, as one would expect, had the floor on the implications of the contents of the dossier. This includes speculation on the financial windfall for Coinbase insiders and investors who are expected to reap significant gains, depending on the consequences of the company’s direct listing.
As The Block reported today, there are some things in particular that have remained unresolved about the Coinbase deposit.
For example, we’ve learned about some of Coinbase’s flagship acquisitions, including those of crypto brokerage service Tagomi and, more controversially, intelligence firm Neutrino.
The S-1 also revealed the big Wall Street wigs underpinning the direct listing offer from Coinbase, Goldman Sachs, Citi and others playing a key role in the unique public launch via a direct listing on the Nasdaq.
Coinbase’s deposit also showed the degree of regulatory oversight the exchange company has attracted in recent years. This includes what appears to be an ongoing CFTC investigation into an Ether flash crash (ETH) in 2017 and subpoenas from the SEC as well as state agencies in California and Massachusetts.
Look ahead
S-1 is therefore public. And now?
Well, for starters, we can expect the company to debut in the market next month, according to insiders. It also looks set to trade at a price of around $ 400 as the secondary market trade has indicated.
Meanwhile, if you’re looking for fodder to chew with before the direct roster, tune in to Thursday’s episode of The Scoop podcast with The Block’s Frank Chaparro and Larry Cermak, who explain the big details of the deposit and what they mean. . in the larger context of the crypto market.
© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
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