The largest cryptocurrency exchange in the United States said on Thursday that Coinbase Global Inc. plans to go public on April 14 in a highly anticipated direct listing.
The company was established in 2012 to provide a range of services to institutional and retail clients in the crypto market. It has grown to have approximately 1,200 employees and 43 million customers in more than 100 countries. In 2020, it brought in revenue of 1.3 billion U.S. dollars and realized a profit of 322 million U.S. dollars.
It is not clear how much money Coinbase will raise in this offering. The company disclosed in a regulatory document that in the private equity market, the recent stock change price has brought the company’s valuation to $67.6 billion. No matter how much money it raises, it will be added to the company̵
The fate of Coinbase is closely linked to the digital currency Bitcoin, which was launched more than a decade ago. All 96% of Coinbase’s revenue comes from transaction fees, which means that when Bitcoin is in one of its crazy trading stages, the company will benefit from it. In 2019 when Bitcoin fell, the company lost approximately $30 million.
Currently, digital currencies are undergoing substantial growth. Bitcoin traded at more than $58,000 on Thursday, which has doubled since the beginning of the year.