Coinbase filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering. There were no pricing details mentioned in the filing, although the offering is valued up to $1.0 billion but this number seems to be just a placeholder. Note that this will not be a traditional IPO, instead registered stockholders will be able sell their shares according to the prospectus but this is unclear at the moment. The firm intends to list its shares on the Nasdaq under the symbol COIN.
There were no underwriters listed in the filing, because again this will not be a traditional IPO.
Coinbase’s mission is to create an open financial system for the world via a “cryptoeconomy”. The company was founded in 2012 and it has since built a platform for accessing Bitcoin and the broader cryptoeconomy by reducing the complexity of the industry through a simple and intuitive user experience.
Here are some of the company’s offerings:
- Retail users: We offer the primary financial account for the cryptoeconomy – a safe, trusted, and easy-to-use platform to invest, store, spend, earn, and use crypto assets.
- Institutions: We provide hedge funds, money managers, and corporations a one-stop shop for accessing crypto markets through advanced trading and custody technology, built on top of a robust security infrastructure. We also offer a state of the art marketplace with a deep pool of liquidity for transacting in crypto assets.
- Ecosystem partners: We provide developers, merchants, and asset issuers a platform with technology and services that enables them to build applications that leverage crypto protocols, actively participate in crypto networks, and securely accept cryptocurrencies as payment.
In terms of its finances, Coinbase previously reported total revenues of $1.28 billion with income of $322.32 million for the 2020 full year. For the 2019 full year, revenues came in at $533.74 million and there was a net loss of $30.39 million.
The company does not expect to receive any proceeds from the offering, instead the registered selling stockholders will receive the proceeds from the offering.