By Michael Hooper
The opportunity to own stock in Coinbase Global Inc. is huge. The company plans a direct listing of shares on March 14 on the NASDAQ. Once shares begin trading I plan to buy them. This company is the leading trading platform for Bitcoin and other crypto currencies. I've used Coinbase successfully to buy and sell Bitcoin and ethereum since 2017.
The direct listing price of the stock will likely be very high. The trading ticker for Coinbase is (COIN). Anyone with an account at a stock brokerage can buy the stock after the direct listing. On Thursday Feb. 25, 2021, the company made a filing of S-1 Prospectus with the Securities and Exchange Commission.
There was a private sale of 127,000 shares at $373 per share which works out to a valuation of $100 billion, according to Axios.
Due to increasing popularity of Bitcoin and other cryptocurrencies, I expect the direct listing of Coinbase to generate huge support.
Coinbase states that it currently has about 43 million retail users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries.
As of Dec. 31, 2020, the platform had executed $456 billion in trading volume since its inception and stored over $90 billion worth of assets. In May 2020, the company with 1,200 employees became “a remote-first company,” which means they work remotely first with no headquarters yet maintain some physical offices.
Coinbase reported $322 million of profits on $1.28 billion in revenue for 2020, compared to a $30 million net loss on $534 million in revenue for 2019.
The largest single owner of Coinbase stock is Marc Andreessen at 24.6% of stock. Brian Armstrong, CEO, owns 21% of Coinbase stock.
Critics complain of Coinbase's high fees for transactions. There are other trading platforms like uniswap that may prove to be more competitive.
There are other risks. What if the crypto markets suffer a crash and a long bear market? There will be ebbs and flows of people in and out of it. But long term I think crypto is here to stay.
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