Coinbase, one of the leading cryptocurrency exchanges in the world, is set to go public. The American exchange publicly filed the required NASDAQ paperwork yesterday. This shows a Coinbase IPO is already deep in the works.
Coinbase IPO May Arrive in a Few Months Time
This filing is a big deal in the cryptocurrency world. Coinbase’s Initial Public Offering (IPO), will be the first important one for a cryptocurrency company. The completion of this means that the exchange would become a public company. It would be able to issue shares for interested investors to buy.
Yesterday morning, Coinbase shared its S-1 to the public for the first time. The S-1 is a registration form that companies are required by the SEC to fill. Any company that wants to go public, kike Coinbase, has to fill it. Although it could take Coinbase about three months to go public, the S-1 makes the company one step closer to its IPO.
“The current financial system is rife with high fees, unequal access, and barriers to innovation,” Coinbase CEO Brian Armstrong wrote investors yesterday.” The letter was attached to the filing and talked about how the works would be better if fair play was involved. He acknowledged that crypto was significant fore in financial markets, and Coinbase was leading the force.
Coinbase Shows Impressive Numbers
The SEC filing showed that Coinbase made an impressive profit last year. The exchange raked $1.2 billion in 2020, despite the uneventful nature of last year. The massive spike in Bitcoin prices towards the end of last year could be a contributing factor to the immense revenue Coinbase made. $322 million was the amount of profit made in 2020, making this the first time the company is making an annual profit.
Coinbase also revealed that at the end of last year, it has 43 million users. The filing also detailed that the exchange held over $90 billion for its numerous users. With all these remarkable numbers from Coinbase, it is only normal we expect a Coinbase IPO. Many in the crypto space are waiting for this record-breaking public offering.
