Could This Be the Biggest IPO in 2021?

  • 22nd Jan'21
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Well, I don’t know if this news is going to shock you or excite you but, there might be a cryptocurrency IPO coming this year!

Coinbase Global, Inc., a San Francisco based cryptocurrency company has confidentially submitted their draft registration statement on Form S1 for IPO with the US’s Securities and Exchange Commission(SEC) in December 2020.

The statement is yet to be approved by the SEC but if approved, Coinbase will become the first cryptocurrency exchange company to be listed on the US stock exchange. And not to mention, also one of the biggest IPO in 2021!

 

Let me give you some basic information about Coinbase:

  • Coinbase is one of the most popular cryptocurrency exchanges in the United States.

  • It was founded in 2012 by Brian Armstrong and Fred Ehrsam. 

  • Today, it has about 35M+ verified users with $320B+ as the total volume traded as per its official website.

  • Coinbase is a secure online platform for dealing in and storing digital currency. 

 

Coinbase is a well-funded company as the company could raise around $300 million in October 2018 with a valuation of $8 million at the time.

With the confidential nature of the application, Coinbase is yet to make its financial figures public which will provide us with the increased revenues.

However, a crypto market analysis firm, Messari has recently valued Coinbase at $28 billion with the data available publicly.

To read the valuation report made by Messari for Coinbase, click here

 

The Securities and Exchange Commission of the US has neither been impressed by nor been supportive to cryptocurrency companies so far and has always acted against them. Cryptocurrency companies are under SEC’s stringent radar as they think it is subject to manipulation. 

But Coinbase is trying its best to be in SEC’s good books and adhere to its guidelines. To give you an example, Coinbase announced the suspension of trading in XRP from January 19, 2021, as the SEC filed a lawsuit against Ripple Labs, Inc.

Coinbase tried entering into the market last year but failed. They've been trying to add credibility to the company since then.

In August 2020, Coinbase welcomed Marc Andreessen and Gokul Rajaram. Marc Andreessen, co-founder and general partner at Andreessen Horowitz, joined as Board Observer, and Gokul Rajaram, an executive at DoorDash, joined as Board Director.

Coinbase is continually trying its best to strengthen its infrastructure. And to do so, they announced on January 20th, 2021, that they’d acquired the leading blockchain infrastructure platform, Bison Trails with the aim to bring advanced technology to the company.

 

Read the official announcements issued by Coinbase:

Coinbase to acquire leading blockchain infrastructure platform, Bison Trails, click here

Coinbase announces confidential submission of a draft registration statement, read here

 

 

If the IPO is approved, the cryptocurrency market is expected to attract a huge number of investors as they’d be able to gain access to a regulated cryptocurrency company without the custody of specific tokens. Investors will be able to buy and sell shares of the cryptocurrency company instead of cryptocurrency and enjoy the fruits of the booming industry without major risk of investment in the unregulated sector.

This IPO will undoubtedly be one of the biggest IPO in 2021.

The cryptocurrency market had started to face a downfall from 2018 but somehow reached its new highs in 2020 making it a perfect time for a cryptocurrency company to make its debut.

 

When will the Coinbase IPO list?

Since the application is still under review and confidential, it’s impossible to gauge an idea of the same but we would expect it to be soon once the application is approved as they wouldn’t want to miss the perfect timing.

 

Let us know your views in the comments section below.

 

To read more about cryptocurrency, refer to the below-given links:

Bitcoin: The Foundation Of The Payments System And The Banking System

To learn the detailed information about bitcoin like what is it, how it works and why investors are attracted to bitcoin, read here

5 Crypto Investment Mistakes You Should Avoid in 2021

Bitcoin is still very confusing to many, exposing them to investments resulting in losses. To educate yourself with 5 such crypto mistakes that you should avoid, read more

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Ayushi Vanzara, OpenGrowth Content Team

Ayushi is currently pursuing Chartered Accountancy. No secrets there that she loves to read!  She believes words have the power of healing and is a medium that can convey like no other. She hopes to connect with people through her empathy, thoughtfulness, and by adding value to their lives.


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