Coinbase Files for Public Offering

Coinbase Files for Public Offering

Coinbase Global Inc. filed for an initial public offering on Thursday with the Securities and Exchange Commission, becoming the most prominent cryptocurrency-focused company yet to tap the public markets.

Coinbase has emerged as one of the most recognizable names in the crypto industry, with more than 43 million verified users, and about 2.8 million that use the company's trading platform monthly.

The filing reveals how much Coinbase's business is tied to the ebbs and flows of the bitcoin market. Its revenue more than doubled to $1.3 billion in 2020 amid a bitcoin rally, while it posted a profit of $322 million. In 2019, when bitcoin trading was weak, it had a loss of $30 million on $533 million in revenue.

Shares will be listed on the Nasdaq Global Select Market via a direct listing under the ticker symbol COIN.

Direct listings differ from traditional initial public offerings in that companies take their shares to the stock market directly. Companies