Leading crypto exchange Coinbase has recently taken a step towards going public by posting its S-1 filing ahead of its direct listing. It seems to be a token gesture. The company also sent its filing to Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Coinbase transferred copies of the filing to its legal team and Nakamoto himself. However, while others were listed near to addresses and phone numbers, Nakamoto was recognized only by his Bitcoin address, “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.”
Coinbase mentioned the pseudonymous Bitcoin creator four times in the filing as the Bitcoin white paper author. The S-1 report also explains Satoshi’s potential description and the transfer of his BTC holdings as events that could affect Bitcoin and Ether’s price to decline. Coinbase reveals essential details associated with its finances via Form S-1 before releasing Coinbase shares in the market. Further, Coinbase declared via its Form S-1 statement that it aims to list its Class A common stock on Nasdaq under the ticker symbol “COIN.”
Coinbase performs exceptionally well in 2020
However, Coinbase’s filling with the SEC for a direct public listing through a registration statement on Form S-1 was earlier private and only revealed to the SEC. Nevertheless, it has now been made public, with the SEC publishing it. This symbolizes that Coinbase’s decision to become a publicly listed company is going to be an reality. The crypto exchange has been trying to go public for a while.
However, the filing also displays an overview of Coinbase’s financial performance and how it plans to employ its funds. The filing included details on how the company performed in 2020. Coinbase did surprisingly well. Coinbase made $1.2 billion in revenue in 2020, concluding the year with a profit of $322 million. This was the first time the company has turned an annual profit.
Coinbase managed to produce a net income of $322 million in 2020. It revealed that it incurred a loss of $30.4 million in 2019. Additionally, 4.3 million users registered with Coinbase at the end of 2020, as per the filing. In its life span as a cryptocurrency exchange, Coinbase has managed $456 billion worth of transactions.
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