On October 26, Coinbase confirmed that the company is raising an Initial Public Offering of $500 million at a valuation of $8 billion. The news, which has been doing rounds for the past 24 hours, was finally confirmed by Ran NeuNer, when he elucidated the financial breakdown of the IPO and provided more information on Coinbase’s new move.
The valuation is predicted to be in the range of $7.2 – $8 billion, with an initial public investment of $500 million. The IPO will take place in two rounds, comprising of preferred equity and common stock. According to sources close to Coinbase, who are not part of the team right now, the IPO is predicted to beat all market predictions.
CryptoTrader also spoke about the all-important revenue numbers of Coinbase that led up to the IPO. Reports show that the cryptocurrency exchange earned $90 million in the last quarter, with the record being held by the 4th quarter of 2017. Q4 for Coinbase raised an astronomical amount of $450 million following the cryptocurrency boom, which saw the price of Bitcoin [BTC] break the $19,000 barrier.
Next, the reports talked about the revenue sources of Coinbase. It stated that 80% of the total Coinbase revenue was generated by consumers, and 15 percent was from Coinbase Pro, which is the institutional investor aspect of Coinbase. The remaining 5% of the revenue has come from other miscellaneous sources, stated the reports.
Ran NeuNer also teased users and investors by stating that Coinbase is rumored to start a custodian solution, with many more projects in its developmental pipeline. NeuNer also spoke to Adam Draper, one of the initial investors in Coinbase, who has put in $10 million into Coinbase’s latest IPO.
Draper was of the opinion that Coinbase CEO, Brian Armstrong, was going to make Coinbase the biggest company on the planet, because of the mantra “at some point in time, the entire world has to be on one financial infrastructure, and Coinbase will be that exact platform”.
Draper also stated that there was a demand to exit the market right now but he would rather stay in and invest more. He further added:
“I honestly believe Coinbase will be one of the first ten companies to reach trillion dollar valuation.”
Subscribe to AMBCrypto’s Newsletter
XRP market is manipulated and manipulators fix the support, says prominent trader
Bitcoin [BTC/USD] Price Analysis: Bears take over coin as bulls lose momentum
Bitcoin [BTC] fraud main suspect Alexander Vinnik files request for extradition to Russia
EOS, Tron, and Ethereum are the top-three public chains, says CCID Research Institute
XRP receives another boost as Canadian cryptocurrency exchange Bitbuy adds coin to its roster
Flash hike: Qtum skyrockets by over 36% in 1-hour after Apple Pay & Samsung Pay announcement
Craig Wright’s Twitter account suspended after threatening harassment and libel lawsuits
Qtum partnership with Zeus enables users to trade cryptocurrency on Apple Pay, Samsung Pay
Bitcoin Cash [BCH] developers introduce privacy-protecting lightweight protocol, Neutrino
Bitcoin Cash [BCH] Price Analysis: Bears return as market correction precipitates decline
Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency
CFTC Commissioner: Regulated cryptocurrency market could attract institutional investors
Bitmain’s overproduction of ASIC miners led to lower mining profits, claims miner
Binance is going country-hunting in search of their ‘regulatory paradise,’ says report