Cryptocurrency Giant Coinbase Goes Public On April - The Largest Exchange In U.S
The first cryptocurrency giant Coinbase goes public on April 14. Coinbase Global Inc. is the largest crypto exchange in the United States, will be successfully listed on Nasdaq after receiving official approval from the SEC.
Moreover, the company decided to share publicly its Q1 2021 earnings results a few days beforehand. Approximately, the plan is to share the earnings result on April 6.
Let’s see what will happen if the company shares its Q1 earnings report.
The First Cryptocurrency Giant Coinbase
According to the report from the giant crypto exchange Coinbase, it will offer 114.9 million shares as part of the direct listing. On the other hand, Coinbase will be the first exchange to go public in the US.
However, the announcement comes weeks after Coinbase published its 2020 financial results. But the event was originally scheduled for March. Unfortunately, the company postponed it last month by throwing a formal announcement.
Though, they haven’t disclosed any reason.
Yahoo Finance reported,
On Thursday, Coinbase announced that the proposed direct listing of its Class A Common Stock was declared effective by the SEC on April 1, and the shares would begin trading under the Global Select Market under the ticker symbol “COIN” on April 14.
What You Need To Know
The crypto exchange Coinbase has approximately 43 million users in over 100 countries. Earlier this year, in a private market auction, shares reportedly traded between $350 and $375, implying a pre-IPO valuation of between $90 and $100 billion.
The financial information is taken from a report conducted by Yahoo Finance.
They also reported that,
The company later updated a filing with the SEC, disclosing an average share price of $343.58 at the private market auction, which the Nasdaq will probably use as a reference price ahead of the company’s direct listing.
Final Words
Coinbase, the giant cryptocurrency exchange, has already reported a huge revenue in 2020 alone, approximately $1.3 billion and $322 million.
However, mostly this revenue depends on the fees from active cryptocurrency traders on its platform.
