Coinbase Pre-IPO Share Soars on FTX Post S-1 Filing With the SEC

By Prashant Jha
Published February 25, 2021 Updated February 25, 2021
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Coinbase Pre-IPO Share Soars on FTX Post S-1 Filing With the SEC

By Prashant Jha
Published February 25, 2021 Updated February 25, 2021

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.

Source: TradingView
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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.

Source: SEC

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.

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.

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.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1008 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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