The Bitcoin Exchange Coinbase has filed a so-called Form S-1 with the Securities and Exchange Commission. The company is thus taking the first step towards going public. But there is still a long way to go until then.
Coinbase, one of the largest Bitcoin exchanges in the United States, wants to go public
As stated in a press release posted by the company on December 17th this year on Medium Coinbase recently filed a first draft of a corresponding application for approval with the relevant authority, the Securities and Exchange Commission (SEC).
The application is a so-called „Form S-1“ which contains essential information about the business area and balance sheet data of the affiliated companies. Now it is up to the stock exchange supervisory authority to decide on the further course of the IPO.
Rumors have been circulating about the IPO of the previously private Bitcoin Exchange for some time. In July of this year, the Reuters news agency reported about corresponding plans, referring to “internal sources”.
Crypto analytics firm Messari estimates Coinbase’s enterprise value at a sizable $ 28 billion.
Following the announcement of Coinbase’s initial public offering, we valued the company at $ 28 billion. Coinbase is one of the most prominent exchanges with $ 1 billion daily volume in December.
Coinbase announcement comes with Bitcoin Bull Run
It should not be a coincidence that Coinbase is publishing its project now of all times. After all, Bitcoin and Co. are getting a lot of media attention these days thanks to the ongoing price rally. Within the last seven days alone, BTC was able to gain a good 25 percent in value . Many institutional investors are therefore extremely bullish these days and fantasize about Bitcoin prices above 400,000 US dollars.
Coinbase has recently expanded its already dominant market presence even further. For example, it became known that the Exchange had also made MicroStrategy’s Bitcoin shopping tour possible. In total, MicroStrategy had purchased 40,824 BTC ; the OTC order volume on Coinbase is impressive.
In addition, the Exchange has played an important role as a mainstream onboarding platform for private investors inside and outside the USA for years. The move to become a public company therefore only seems logical.
Last Coinbase was due to a blog article by CEO Brian Armstrong hit the headlines . In it, Armstrong prohibited its employees from participating in political discussions, for example on Twitter. The reason was to maintain the greatest possible openness towards all political camps. The aim is to create an open, decentralized and inclusive financial system that can only be done in isolation from any political theory of color.
Anyone who does not want to comply with the new regulations can claim a “generous severance payment”. The Post sparked a controversial debate about freedom of expression and the employer’s wide arm, including personal matters. Even Twitter founder and Bitcoiner Jack Dorsey got involved.