TL;DR Breakdown
- Coinbase’s pre-IPO shares surge following the direct listing on NASDAQ.
- The exchange referenced Bitcoin’s creator in its filing.
- The crypto company also revealed that it is now decentralized and no longer has a headquarters.
Coinbase’s S-1 filing with the U.S. Securities and Exchange Commission (SEC) for a direct listing on NASDAQ is now public. As a result, the price of the company’s pre-IPO shares on FTX increased from $390 to above $430 within a few hours.
The exchange has experienced immense growth since its inception nine years ago, accruing a customer base of about 43 million. As a result, the revenue also soared to about $3.4 billion. Therefore, the surge of the company’s pre-IPO shares isn’t a shock to many; also considering the fact that the exchange announced the public filing late last year.
Coinbase appears to be an early believer of cryptocurrency as the exchange revealed that it had invested in Bitcoin and Ethereum at a very early stage. Furthermore, the S-1 filing news is thought to have positively impacted other markets as well such as Bitcoin.
Following the news, Bitcoin price rallied above $50k after it had dropped from its all-time high on Monday. Also, the exchange referenced Bitcoin’s creator, Satoshi Nakamoto, in its filing, which has drawn a few reactions from Twitter users.
The exchange also revealed that it is now decentralized in that it no longer has a headquarters and its workers now work remotely. The CEO, Brian Armstrong, revealed this through a blog post on the 25th of February.
Decentralization claims from the exchange drew fire from Twitter users who seemed infuriated by the post. Most comments from the dissatisfied customers revealed that Coinbase has a very poor customer service and unreliable attitude in extreme market conditions.
