Cryptocurrency exchange Coinbase is planning to go public, and financial disclosures show a burgeoning—and surprisingly profitable—business. Amid the crypto bull market, the San Francisco company made $1.3 billion in revenue last year with a net profit margin of 25%. Roughly half of last year’s revenue came in the last four months of 2020 alone, amid a roaring bitcoin bull market, as Forbes reported in January.
Now Coinbase CEO Brian Armstrong, cofounder Fred Ehrsam and venture capital investors like Andreessen Horowitz are set to see their stock values take off, surpassing tens of billions in total value.
Coinbase last raised venture capital funding in October 2018 and was then valued at $8 billion. But its shares recently sold on Nasdaq’s secondary market, where shares of a private company’s stock can trade after they were first issued but before the business goes public, at an implied valuation of $77 billion. Investors speculate that Coinbase will be worth more than $100 billion when it starts trading publicly on the Nasdaq.
Brian Armstrong owns 21% of Coinbase’s stock. We currently (and conservatively) value his net worth at $6.5 billion. But if Coinbase actually reaches a $100 billion valuation, his stake would be worth about $20 billion.
We estimate that Fred Ehrsam owns 6% of Coinbase. (Some of the shares attributed to him in a regulatory filing are held in trusts that aren’t in his name. It’s unclear how much of those he owns, and he didn’t immediately respond to our request for comment.) Forbes conservatively values his net worth at $2.1 billion, making him a billionaire for the first time. If Coinbase’s market value hit $100 billion, his stake would jump to $6 billion.
Here are the sums that Armstrong, Ehrsam, Andreessen Horowitz, Union Square Ventures, Ribbit Capital and Tiger Global could inherit from the IPO, despite some of these investors recently selling large chunks of their Coinbase stock:
I lead our fintech coverage at Forbes, and I also write about blockchain technology and investing. In October 2020, three of my colleagues and I won the Excellence in Personal Finance Reporting award from the RTDNA and NEFE for our stories on Robinhood. I’ve also written frequently about leadership, corporate diversity and entrepreneurs. Before Forbes, I worked for ten years in marketing consulting, in roles ranging from client consulting to talent management. I’m a graduate of Middlebury College and Columbia Journalism School. Have a tip, question or comment? Email me jkauflin@forbes.com or send tips here: https://www.forbes.com/tips/. Follow me on Twitter @jeffkauflin. Disclosure: I own some bitcoin and ether.
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Coinbase, the largest U.S. broker of digital currencies such as bitcoin, litecoin, and ethereum, has filed to go public on the Nasdaq in a watershed moment for the cryptocurrency.
Tesla has invested $1.5bn in bitcoin and plans to begin accepting it for payment in one of the highest-profile endorsements of the cryptocurrency sector by a major US company. The disclosure from the electric carmaker sent bitcoin rallying to a record high of $44,100, extending its 50 per cent surge so far this year.
Analysts have put the meteoric rally down to growing enthusiasm from institutional investors seeking returns in the era of low interest rates. In a regulatory filing on Monday, Tesla said it purchased the bitcoins after changing its investment policy last month to “diversify and maximise” returns on its cash. Line chart of $ per coin showing Bitcoin soars after Tesla reveals $1.5bn investment For years Tesla was short of cash as it invested heavily in developing its electric vehicles.
Although its finances have improved, the bitcoin investment still represents about 8 per cent of the $19.4bn it held in cash and liquid assets at the end of December, according to the filing. The group said it expected to accept bitcoin as a form of payment for its products, although initially on a “limited basis”, adding that it might sell the digital assets for hard currency once payments are processed.
Elon Musk, Tesla’s founder, has been a vocal supporter of digital assets on social media, particularly about dogecoin, which he said was the “people’s crypto”. In December he wrote on Twitter that bitcoin was his “safeword” in an apparent joke. Robyn Denholm, an Australian telecoms executive who took over from Musk as chair of Tesla’s board in 2018, is head of the audit committee that signed off on the change to the company’s investment policy.
The change allows Tesla to invest “a portion” of its cash in “alternative reserve assets including digital assets [and] gold bullion”. Recommended John Gapper Electric vehicles need to arrive as fast as vaccines The carmaker is the latest consumer-facing company to venture into cryptocurrency markets, following PayPal. However, cryptocurrencies remain highly volatile and are risky to hold due to frequent hacking and fraud, as well as difficulties in transferring them to cash.
“We believe our bitcoin holdings are highly liquid. However, digital assets may be subject to volatile market prices, which may be unfavourable at the time when we want or need to liquidate them,” Tesla said on Monday. “[This] is a potential game-changing move for the use of bitcoin from a transactional perspective,” said Dan Ives, an analyst at Wedbush Securities.
Ives said the announcement from Tesla could prompt other companies to make similar decisions given the growing interest in digital currencies. “Investors and other industry watchers will be watching this closely to see if other corporations follow the lead of Tesla on this crypto path or on the other hand does it remain a contained few names that make this strategic jump around bitcoin.”
Coinbase – a platform used to buy and sell currency – has temporarily disabled its users from being able to purchase Bitcoin and other cryptocurrencies using US dollars.
Users who have attempted to make purchases over the past day have received a message that reads, ‘USD purchases are temporarily disabled,’ while other currencies, including the British pound, are also reported to have been blocked from making purchases.
Coinbase hasn’t commented since its users started getting the message, however the platform has reported experiencing difficulties due a recent surge in interest following a rise in the price of Bitcoin.
It’s unclear whether the temporary issue is related to the technical issues the app has been experiencing, or whether it’s a move from Coinbase to try and slow or restrict purchases.
However, it comes in the wake of trading platform Robinhood suspending sales of hugely popular Reddit stocks, GameStop and AMC, causing concern that similar blockages could be happening with Bitcoin too.
If the latter were to be true, it would be an incredibly unpopular move given all the backlash Robinhood is facing for allegedly protecting hedge fund millionaires at the steak of Reddit investors. Donald Trump Jr, Alexandria Ocasio-Cortez and Ted Cruz are among those who have criticised the platform.
One Reddit user has even filed a class action against the platform, after it blocked any further sales of GameStop stock due to ‘volatility of the market’.
Meanwhile, the value of Bitcoin has soared over the past couple of days, after Tesla founder Elon Musk changed his Twitter bio to simply read ‘#bitcoin’.
In just one hour after the multibillionaire updated his profile, the cryptocurrency’s value soared from around $32,000 (£23,500) to above $37,000 (£27,000,) per online trading site Coinbase.
Elsewhere, a cryptocurrency that began as a joke, has also soared in value by 140%, following the recent success of Reddit-fuelled stocks.
Dogecoin, which is based on the popular ‘doge’ meme, saw huge increases after a Reddit thread called SatoshiStreetBets called for the currency to reach the value of $1 per coin.
Again, cryptocurrency fan Musk has touched on the dogecoin, with many Reddit users calling on him to help spread the word about the currency.
Back in April 2019, he tweeted, ‘Dogecoin might be my fav cryptocurrency. It’s pretty cool,’ later sending its value soaring by 20% when he simply tweeted, ‘doge.’
If you have a story you want to tell, send it to UNILAD via story@unilad.com
Emma Rosemurgey is an NCTJ trained Journalist who started her career by producing The Royal Rosemurgey newspaper in 2004, which kept her family up to date with the goings on of her sleepy north east village. She graduated from the University of Central Lancashire in Preston and started her career in regional newspapers before joining Tyla (formerly Pretty 52) in 2017, and progressing onto UNILAD in 2019.
Almost every time the price of bitcoin increases or decreases quickly, Coinbase shuts down. It happens like clockwork, time and time again. Why does Coinbase always go down? Instead of specifically focusing on why Coinbase always crashes, in this video we will go over a simple fix to prevent yourself from being a victim in the future when your exchange of choice crashes or your account is disabled/frozen. Time Stamps: Intro – 0:00 History Of Crashes – 0:15 The Solution- 1:00 Alternative Exchanges – 2:00
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Paypal’s cryptocurrency partner Paxos has raised $142 million in Series C funding led by Declaration Partners, an investment adviser to the family office of Carlyle Group billionaire David Rubenstein. The round closed on November 24 and also includes investments from PayPal Ventures PYPL+2.3% and Paxos’ previous investors RRE Ventures and Liberty City Ventures.
In total, the firm has raised $240 million in venture funding, making it one of the highest funded firms in crypto, after Circle, which has raised $271 million. The firm declined to disclose how much the investment valued the company.
New York City-based Paxos was founded in 2012 under the name itBit. It was among the first bitcoin startups to operate as a regulated trust company, offering custody services for U.S. customers under New York banking law. In October, payment giant Paypal launched a cryptocurrency trading service in partnership with Paxos, letting customers buy and spend bitcoin.
“Our pipeline has expanded very significantly from having been in the millions of customers maybe a year ago to, now, billions of customers through partnerships,” says Paxos’ CEO and co-founder Charles Cascarilla. “That is partly why we need to raise this capital, to really take advantage of the growth opportunities.”
As part of the investment, the company plans to develop new products that help institutional clients track traditional assets like securities and commodities on a blockchain, a process called tokenization. “We always want to be able to think of other ways that we can grow our business, including, potentially, acquisitions and new hires,” adds Cascarilla. Part of the capital raise will be invested in regulatory infrastructure, which Cascarilla cites as one of the key reasons for Paxos’ success with onboarding strong institutional clients, such as PayPal and Credit Suisse CS+0.4%.
The investment news comes the day after bitcoin breached the $20,000 mark for the first time ever. Paxos likely played a role in cryptocurrency’s meteoric rise over the second half of the year. On October 21, PayPal announced its entry into the cryptocurrency market by integrating Paxos’ API-based crypto brokerage service and giving its 350 million customers access to bitcoin and a handful of other cryptocurrencies.
PayPal’s embrace of crypto coincided with bitcoin’s rally, and some analysts have even expressed the view that the online payment giant is actually fueling the spike. Earlier in July, the American division of the U.K.-based fintech firm Revolut integrated Paxos’ technology into its app, enabling the fintech’s customers in 49 U.S. states to buy, hold, and sell bitcoin and ether.
Paxos however shies away from positioning itself as a purely crypto-native venture, stating its commitment to provide infrastructure for multiple asset classes. In February, the firm facilitated what it describes as the first live application of blockchain technology for U.S. listed equities when Credit Suisse and Nomura Instinet began using the startup’s technology to settle equity trades.
Paxos Settlement Service is a private, permissioned blockchain network allowing two parties to bilaterally settle securities trades directly with each other without using a middleman. In September, French banking giant Societe Generale became the third broker-dealer utilizing the service. To date, 15,000 trades worth approximately $75 million have been settled on the platform.
On December 8, Paxos filed an application for a national trust bank charter with the Office of the Comptroller of the Currency (OCC), a regulatory agency that supervises banks and branches and agencies of foreign banks. If granted, Paxos could become the first custodian of digital assets to be regulated at both the state and federal levels. In 2015, it obtained a trust charter from the New York State Department of Financial Services (NYDFS) to become one of the first regulated companies in the state to offer crypto products and services. Follow me on Twitter or LinkedIn.
I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from New York University Abu Dhabi with a degree in economics and Columbia University’s Graduate School of Journalism, where I focused on data and business reporting.
The partnership announcement between the payments giant PayPal and the issuer of the major stablecoin Paxos Standard Token (PAX) might reportedly be made this week. PayPal is planning to bring crypto trading to its user base and has chosen New York-based Paxos to handle the new service’s supply of digital assets, reported CoinDesk, citing “two people familiar with the matter.”As for which cryptoassets PayPal would include in its rumored crypto trading option is not yet known and might be revealed with the official announcement of the partnership itself.
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