With the cryptocurrency boom well underway, Coinbase is going public.
It will use a direct listing to offer shares to the public instead of a traditional IPO.
“The company said it plans to list its shares on the Nasdaq exchange under the ticker symbol ‘COIN.’ More than 43 million investors in more than 100 countries use Coinbase, accounting for $455 billion in trades and $90 billion in assets on the platform, according to the company’s website,” as reported by CNN.
Financially, it’s in great shape. For 2020, it had net revenue of $1.14 billion, up from $483 million year over year. It also had net income of $322 million after posting a year earlier loss. The company could do even better moving forward.
With the popularity of digital currencies among retail and institutional investors, the sky is the limit here. Plus, there are plenty of crypto bulls, including Square Inc., which just bought another $170 million worth of Bitcoin, and MicroStrategy, which just bought another $1 billion worth of Bitcoin, as well.