The Initial Public Offering of Coinbase stock was originally scheduled for March. After being pushed back, the new timeframe is April. The trading debut of the largest US-based cryptocurrency exchange is set for April 14. In recent news, Coinbase Global is holding firm to that date.
A company report for the direct listing set the April 14 date. However, everything is always subject to change. Coinbase amended its filing with the US Securities and Exchange Commission in March. The plan calls for an IPO of 114.9 million shares. An actual share price should be available the night before trading is expected to commence.
What Price Will Coinbase IPO Open Up At?
Estimates for the company value because of this initial offering top $100 billion. Coinbase will trade on Nasdaq using the symbol COIN. Original plans to go public date back to last December. The latest delay pushed the proceedings from March to April.
It has been mentioned that prices of stock related to private transactions have no bearing on the public stock price. The amended filing in March did not state a target date for the IPO. TheStreet’s Jim Cramer noted:
“I find direct listings fascinating because they can really produce some bargains for the buyers. Stay close to that one. It may be a good one.”
Coinbase reported revenue of $1.14 billion in 2020. It also reported a net income of $322 million.
This was a dramatic improvement from the previous year’s results. Company revenue in 2019 was $483 million. There was a net loss of $30.4 million in income.
The poplar crypto exchange reported that 66% of its fourth quarter revenue last year was institutional trading volume. This information was part of the recent SEC filing. Also in the report was 43 million verified users in 2020. This reflects an increase of 34%.
Obviously, this growth is related to the surge in Bitcoin (BTC) since last fall. This is the biggest cryptocurrency by far. First quarter results for this year are expected to be really strong as well.
The current market value of BTC heading into the first full week of April is trading around $58,000. Last September, BTC had reached $13,000 to start this incredible bull run. Many experts are still expecting BTC to top $100,000 by the end of this year.
Coinbase was founded in 2012 by Fred Ehrsam. Operating as a virtual company with no actual physical base, the company employs more than 1,200 workers. The parent company is Coinbase Global Inc.
It offers a secure platform for buying, selling and trading cryptocurrency. Coinbase is available in more than 100 different countries on a worldwide basis. Its total user base continues to expand.
Following SEC approval for its amended filing, everything remains on track for the April 14 date. Given that this is still a fluid situation, interested parties should pay close attention to the company’s plans. The overall market interest remains extremely high for this event. That will continue to grow and expand in the coming days.