“The most obvious path for Coinbase is for us to go public at some point,” Asiff Hirji, the company’s president and COO, said in his first televised interview since taking the role Dec 1. He added that a public offering is “certainly in the interest of our investors,”
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 IPO will take place in two rounds, comprising of preferred equity and common stock. According to sources close to Coinbase, the IPO is predicted to beat all market predictions.
As per the data revealed, the California-based crypto exchange has seen $90 million in revenue last quarter, with expectations to earn $450 million in the last quarter of 2018. 80 percent of revenue came from consumers, 15 percent more from institutional accounts, and the source of other 5 percent was not disclosed.
Adam Draper, one of the initial investors in Coinbase, who has put in $10 million into Coinbase’s latest IPO says that Coinbase CEO, Brian Armstrong, was going to make Coinbase the biggest company on the planet.
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.”