Coinbase, one of the world’s largest crypto exchanges, today took another big step for its public listing by filing the S-1 with the SEC. But also, in what appears to be a symbolic gesture, the company sent the presentation to Satoshi Nakamoto.
Coinbase publishes all the details
For those of you who don’t know what the S-1 filing is for, it is a necessary precursor for Coinbase from its public listing. This report details all the relevant data that would help investors to carry out due diligence on the company.
In this sense, the company reported having received direct revenues of USD 1.1 billion in 2020, a significant increase compared to USD 482 million in 2019.
It is worth mentioning that approximately 96% of the crypto exchange’s revenue comes from transaction fees charged to users, with the rest coming from subscription services.
Thus, the crypto exchange saw a profit of $ 322 million for 2020. An important achievement when we consider that in 2019 Coinbase closed the fiscal year with losses of $ 30 million.
As you can see, the operating expenses of the crypto exchange are significant. In fact, in 2020 they totaled USD 880 million as a result of investment in research and development, sales and general administrative expenses.
The crypto community has attributed Coinbase’s fortune to the dramatic bull run that Bitcoin experienced in 2020. In fact, Coinbase documented the increase in trading volume for both institutional and retail Bitcoin investors.
Regarding the ownership structure of Coinbase, the document revealed that Brian Armstrong, CEO of the crypto exchange, only owns 11% of the company, although he has a greater share of Class B shares, which have governance power.
And finally, another curious fact regarding Coinbase’s presentation is that the crypto exchange sent copies of its statement to Satoshi Nakamoto through the Bitcoin address.
Exchange sold Bitcoin at a price of $ 6,000, mistake?
A crypto exchange called PDAX suffered a technical failure that caused the price of the leading crypto to be discounted from $ 48,000 to $ 6,000.
Yes, there were crypto users of the exchange who claimed to have managed to buy Bitcoin at that discount.
It all happened on February 16 when the crypto exchange experienced an “unprecedented surge in tractions” and thus collapsed.
However, Nichel Gaba, executive director of the exchange, assures that the correct thing is to return the Bitcoin.
Gaba explained that although “It is understandable that many users feel they are entitled to these assets… Based on our investigation of the incident, we have concluded that a sale did not take place.”
In this way, crypto users reported according to Yahoo Finance that, “after almost 24 hours, they sent them a demand letter and an SMS, asking them to transfer the BTC.” They apparently mentioned a possible lawsuit not to do so.
6 million new crypto users join Robinhood
Despite all the controversy in which Robinhood has been involved this year, the firm claimed to have gained 6 million new crypto users in 2021.
According to the blog post, Robinhood was gaining an average of 200,000 new users per month in 2020. But in 2021, the popularity has risen and in the last month alone it gained 3 million people.
In a few lines …
- According to Cryptoquant, 13,000 BTC were pulled from Coinbase yesterday, was it institutional investors?
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