Coinbase has announced that it will publicly trade on the Nasdaq stock exchange under the ticker symbol $COIN. Along with this news, Coinbase’s s-1 form, which was filed with the SEC in December, has been made public; Coinbase’s S-1 provides financial insight into the company that was not available to the public before.
The form reveals that Coinbase raked in $1.1 billion in net revenue for 2020–which is up over 100% from the $482.9 million in net revenue that Coinbase brought in during 2019. It also has statistics regarding the platform’s user base, which they say has 43 million retail users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries.
The filing contains details around the financials of Coinbase’s acquisitions and information regarding how much key employees at Coinbase earned in 2020. It was revealed that in 2020, Coinbase CEO Brian Armstrong was compensated roughly $60 million, while Coinbase Chief Product Officer Surojit Chatterjee earned $15.9 million, and Coinbase Chief Legal Officer brought home $18 million.
What will the price of one share be?
Shares of $COIN are currently trading at an average of $373 per share in the Nasdaq private market–which means that Coinbase is valued at around $100.3 billion. The Nasdaq private market allows current employees, former employees, and Coinbase investors to trade $COIN shares before Coinbase is available to the general public.
Coinbase will be going public by doing a direct listing on the Nasdaq exchange. A direct listing is when a company goes public without using an underwriter or issuing new shares; instead, the company floats its existing outstanding shares on a stock exchange. Coinbase has“engaged Goldman Sachs, J.P. J.P. Morgan, Allen & Co., and Citigroup, as financial advisors to advise and assist us with respect to certain matters relating to our listing.”
There is no official date for when Coinbase will become listed, however, it is clear that the direct listing will be happening soon™.
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