Coinbase announced its direct listing on NASDAQ after an S-1 IPO filing with the SEC for a direct listing. The news of the public listing soared the pre-IPO shares listed on FTX, rising from $390 to over $430 in a matter of a couple of hours.
The pre-market valuation of Coinbase is estimated to be as high as $100 billion with the firm targeting a share price of $400 each. The rise in pre-IPO shares of Coinbase did not come as a big surprise for many given the crypto exchange had announced its public debut back in December last year.
The S-1 IPO filing with the SEC revealed interesting details about the exchange which started its journey back in 2012. The filing revealed that the total number of customers on the platform has reached 43 million while the total revenue of the firm reached $3.4 billion out of which $1.28 billion came in 2020 alone.
Coinbase Put Satoshi Nakamoto in S-1 Filing
The Coinbase S-1 IPO filing also mentioned the pseudo-anonymous creator Satoshi Nakamoto in CC drawing a lot of Twitter attention. The trend of encoding messages in Bitcoin blocks was first started by Nakamoto himself.
— Michael Sonnenshein (@Sonnenshein) February 25, 2021
Coinbase in its run-up to the IPO filing had earlier revealed that they had invested in Bitcoin and Ethereum during the nascent stage and have held on to their investments up until now. The firm also became truly decentralized with no physical headquarters anywhere in the world which was only aided by the growing pandemic.
As we’ve moved to a remote first environment, we realized that we no longer have a headquarters located in any one city. https://t.co/8SpdJgylx1
— Coinbase (@coinbase) February 24, 2021
The much-awaited public announcement by Coinbase had a positive impact on Bitcoin price as it rose above $51k after spending most of the past 4-days under $50k after the direct NASDAQ listing was announced. Bitcoin touched a new all-time high of $58,543 last week before registering a sharp 20% fall. The top cryptocurrency could see a bullish rally as on-chain metrics along with MicroStrategy and Squre Inc and Coinbase public listing is believed to help it extend the next leg of the bull run.