August 9, 2022

Coinbase public listing filing details 2020 revenue, major a16z stake

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As Coinbase plans to pursue a direct listing on the stock market, which would see its existing shares be traded on United States stock exchanges, the exchange has submitted an S-1 report to the Securities and Exchange Commissio, which details all the relevant data that would help investors conduct due diligence on the company.

The document represents the first time that Coinbase publicly revealed sensitive details like revenue and ownership structure.

The filing reveals that the exchange posted a direct revenue of $1.1 billion in 2020, a significant increase from $482 million in 2019. About 96% of this revenue is derived from transaction fees charged to users, with the remainder coming from subscription services. A further $136 million revenue was generated from sales of Coinbase assets to fulfill over-the-counter transactions.

The company’s operating expenses are significant. In 2020, they totalled over $880 million, with the majority being due to research and development, sales, and general administrative expenses. However, $135 million of the total expense is labeled as “transaction expenses.” The prospectus explains that these consist of blockchain miner feesTitle: Coinbase public listing filing details 2020 revenue, major a16z stake
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Published Date: Thu, 25 Feb 2021 13:52:57 +0000