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.
[…] ly/3hhcnmV Published: 27th Feb 2021 03:36:14 By: Yahoo Finance ECONOMIC VIDEO: COINBASE FILED S-1 AHEAD OF A DIRECT LISTING — WHAT YOU NEED TO KNOW Related Videos On: Coinbase filed S-1 ahead of a direct listing — What you need to know Cryptocurrency exchange Coinbase filed its S-1 for an upcoming direct listing […] cx/2NGeIvi Cryptocurrency exchange Coinbase on Thursday filed to become a public company and revealed that its revenue more than doubled las […]
Last December, Live Bitcoin News reported that Coinbase – one of the largest and most popular cryptocurrency exchanges in the United States – had decide […] Coinbase Is Going Public, and Brian Armstrong Has a Lot to Say Among these documents was a heartfelt lette […] The letter states: Coinbase is a company with an ambitious vision: to create more economic freedom for every person an […] Coinbase is building the infrastructure to power the crypto economy, helping bring the benefits of this ne […]
Coinbase Global Inc […] -based power list starts with Brian Armstrong, the now billionaire chief executive officer of Coinbase, and his co-founder, Fred Ehrsam, who went on to create Paradigm Operations […] didn’t deter Wilson at Union Square and DCG’s Silbert, both of whom were series A investors in Coinbase. The company’s shares changed hands in recent private transactions at levels that would value Coinbase at close to $100 billion, a person familiar with the matter have said […]
[…] On Thursday, Kraken’s rival Coinbase submitted a public S-1 filing , which sets the stage for its direct listing on Nasdaq under th […] Coinbase posted $1 […]
# simple-coinbase-bot A simple Coinbase Pro buy/sell bot […] See [Coinbase Fee structure](https://help […] # Getting Started First, create an API key with view/trade permissions in the [Coinbase Pro profile](https://pro […]
[…] ly/3hhcnmV Published: 27th Feb 2021 03:36:14 By: Yahoo Finance ECONOMIC VIDEO: COINBASE FILED S-1 AHEAD OF A DIRECT LISTING — WHAT YOU NEED TO KNOW Related Videos On: Coinbase filed S-1 ahead of a direct listing — What you need to know Cryptocurrency exchange Coinbase filed its S-1 for an upcoming direct listing […] cx/2NGeIvi Cryptocurrency exchange Coinbase on Thursday filed to become a public company and revealed that its revenue more than doubled las […]
Coinbase has built the world’s leading compliant cryptocurrency platform serving over 30 million accounts in […] There are a few things we look for across all hires we make at Coinbase, regardless of role or team […] About Coinbase Design Systems The Design Systems team at Coinbase plays a critical role in executing on our vision to create more economic freedom for the world, and […] Establish the Coinbase Design’s production function by developing scalable ways of working that make for smooth an […]
Coinbase has built the world’s leading compliant cryptocurrency platform serving over 30 million accounts in […] There are a few things we look for across all hires we make at Coinbase, regardless of role or team […] About Coinbase Design Systems The Design Systems team at Coinbase plays a critical role in executing on our vision to create more economic freedom for the world, and […] Establish the Coinbase Design’s production function by developing scalable ways of working that make for smooth an […]
[…] Ripple Earthport Chain Inc Bitfury Group BTL Group Digital Asset Holdings Circle Factom AlphaPoint Coinbase Plutus Financial Auxesis Group BlockCypher Ask for more details or request a custom report from our […]
I usually prefer exchanges for better prices but lately I’ve been using coinbase for everything, it’s just more convenient when you have multiple types of crypto. Plus, you can now stake XTZ in coinbase and earn interest.
[…] Bitcoin is a volatile cryptocurrency whose value fluctuates frequently, therefore, the Coinbase API has a new Bitcoin price available about every 30 seconds […] resume() } Here’s the breakdown: Create a URLRequest with the Coinbase Bitcoin spot price URL […] This enum represents two different JSON files that contain valid data returned by the Coinbase API: dataset-one […]
that0neinvestornow Do your own DD please: Coinbase (I Currently have) – I like the user interface, because it’s user friendly and easy to understand […] Coinbase Pro – this app is more so like an actual exchange where you can buy, sell, or short from othe […] There are way less fees here than Coinbase . At some point I’ll be trading here, but for now I’m just going to be dabbling around on Coinbase. There are much more coin options here than Coinbase! I’d highly recommend […]
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.
Pharmaceutical company Bayer AG has agreed to buy a majority stake in online personalized vitamin and supplement startup Care/of, Bayer confirmed to Bloomberg.
Bayer is acquiring 70% of the four-year-old company in a transaction that values Care/of at $225 million and gives Bayer the option to buy the rest by 2022, a source familiar with the matter told Bloomberg.
Bayer spokesman Dan Childs told Bloomberg it is an “important milestone” for both companies, but declined to disclose the financials.
Bayer believes Care/of’s business model and product can be expanded to traditional retail channels as the company hopes to reach new customers, Childs said.
Bayer and Care/of plan to grow across new channels and new categories, though right now Care/of is direct-to-consumer.
The subscription-based company was valued at $156 million in 2018 after raising funds from investors including Goldman Sachs’ venture capital unit.
Craig Elbert and Akash Shah cofounded Care/of in 2016; Care/of and Bayer did not immediately respond to Forbes request to comment.
key background
Care/of, HUM Nutrition, Ritual and other millennial-favored vitamin companies have worked with influencers and grown their own large social media followings. (A key color on Care/of’s Instagram page is “millennial pink.”)
$18.3 billion. Online vitamin and supplement sales in the U.S. increased by 15% in 2020 to that amount, according to data from the market research firm IBISWorld.
I’m a reporter at Forbes and the author of What Next?: Your Five-Year Plan for Life After College published by the Simon & Schuster imprint Adams Media. I have a master’s degree in journalism from Columbia University.
pypi.org – Today
startup.jobs – Today
bankofthefuture.substack.com – Today
truckingnews.us – Today
stocktwits.com – Today
apple.news – Today
