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Coinbase to Execute Direct-Listing IPO Amid Bitcoin Boom

Coinbase will list on the Nasdaq with the ticker symbol 'COIN.'
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Coinbase Global, the largest U.S. cryptocurrency brokerage, publicly filed its S-1 form for a direct-listing initial public offering Thursday.

It had confidentially submitted an S-1 with the Securities and Exchange Commission in December. As it’s a direct listing, the company won’t raise any additional capital. That would indicate it doesn’t have a major cash need, and doesn’t want to go through the expense and hassle of a standard IPO.

Coinbase will list on the Nasdaq with the ticker "COIN." All previous direct listing IPOs came on the New York Stock Exchange, Bloomberg reported.

Coinbase opened shop nine years ago and was valued at more than $8 billion in its latest funding round - a $300 million financing in 2018, led by Tiger Global Management. It has received more than $500 million in funding, with other backers including Andreessen Horowitz, Y Combinator and Greylock Partners.

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In its S-1 filing, the company said: “For the years ended December 31, 2020 and December 31, 2019, we generated total revenue of $1.3 billion and $533.7 million, respectively,” 

Coinbase said it posted “net income (loss) of $322.3 million and $(30.4) million, respectively, and Adjusted EBITDA of $527.4 million and $24.3 million, respectively.”

Bitcoin, the biggest so-called digital currency has skyrocketed five-fold over the past year. That’s happened amid investor mania for a shiny, relatively new (digital) object.

Bitcoin has big-time advocates, such as Tesla  (TSLA)  CEO Elon Musk and hedge fund manager Paul Tudor Jones. It also has major skeptics, like Microsoft co-founder Bill Gates and Treasury Secretary Janet Yellen.