Cryptocurrency Exchange Coinbase has Filed to go Public

Crypto exchange Coinbase is officially going to become a publicly traded company and its financials are now public ahead of its listing on the NASDAQ.

Coinbase’s Form S-1 has been published by the U.S. Securities and Exchange Commission (SEC) this week.

It’s been months of rumors that Coinbase would go public and the comany had reportedly been wanting a U.S. direct listing last summer.

Founded in 2012, Coinbase helps users buy, sell, and store cryptocurrencies such as bitcoin and ethereum.

The company said it plans to list its shares on the Nasdaq exchange under the ticker symbol “COIN.”

As per the company’s website more than 43 million investors in more than 100 countries use Coinbase, which accounts for $455 billion in trades and $90 billion in assets on the platform.

Bitcoin recently hit nearly $60,000 and is currently trading around $51,000.

“We expect our operating expenses to increase significantly in the foreseeable future and may not be able to achieve profitability or achieve positive cash flow from operations on a consistent basis, which may cause our business, operating results, and financial condition to be adversely impacted,” the firm stated in the S-1 filing.

Coinbase confirmed that it is using Goldman Sachs, J.P. Morgan Securities and Citigroup to “assist us with respect to certain matters relating to our listing.”

Other details in the filing include compensation for CEO Brian Armstrong, who took home $59.5 million in 2020.

“We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol ‘COIN,’” Coinbase wrote.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.