Coinbase Global, the biggest US cryptocurrency exchange, filed to go public via a direct listing, showing a swing to profitability last year as the price of Bitcoin soared.
In what’s anticipated to be a breakthrough moment for the industry, Coinbase filed with the US Securities & Exchange Commission on Thursday to list its shares on the Nasdaq. The company has been valued at more than $100 billion in recent private transactions, Axios reported, meaning it could be one of the biggest companies to go public since Facebook.
Coinbase’s revenue more than doubled last year from 2019 as it swung to a profit amid a boom in cryptocurrency trading. The company reported a net income of $322 million on net revenue of $1.14bn for 2020, compared to a net loss of $30m on revenue of $483m a year earlier.
It has 43 million verified users, of which 2.8 million transact on the platform monthly, the filing shows. A majority of its net revenue is derived from transactions in Bitcoin and Ethereum.
Bitcoin traded at around $50,000 on Thursday after hitting an all-time high of $57,355 on February 21, meaning its value has increased by more than 400 per cent over the last year. Cryptocurrencies have been buoyed by the tide of monetary and fiscal stimulus aimed at fighting the effects of the pandemic.
Among the potential risk factors that could affect its plans, Coinbase listed the volatile nature of cryptocurrencies as the main concern.
“If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results and financial condition could be adversely affected,” the filing shows.
The offering could be the first major direct listing to take place on the Nasdaq. All previous ones, including Spotify Technology, Slack Technologies, Asana and Palantir Technologies, were listed on the New York Stock Exchange. Online video game company Roblox has also announced that it’s planning a direct listing, after earlier delaying its IPO and raising capital privately.
Coinbase won’t raise any proceeds in the transaction, the filing shows. The company didn’t list an address for its headquarters, saying that instead it became a “remote-first” company in May.
Founded in 2012, Coinbase has raised more than $500 million from backers that include Y Combinator and Greylock Partners, according to its website. The company was valued at more than $8bn in 2018 after a $300m funding round led by Tiger Global Management. Andreessen Horowitz, Tiger Global, Ribbit Capital, Union Square Ventures and co-founder Frederick Ernest Ehrsam III are listed among its biggest shareholders, the filing shows.
Owners of Coinbase’s Class A common stock will be allowed to sell in the listing. Class A stock carries one vote per share, while Class B has 20, according to the filing.
Coinbase will be listed under the symbol COIN. Goldman Sachs Group, JPMorgan Chase, Allen & Co and Citigroup are advising on the transaction.
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
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Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
THREE
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How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
The biog
Name: Ayisha Abdulrahman Gareb
Age: 57
From: Kalba
Occupation: Mukrema, though she washes bodies without charge
Favourite things to do: Visiting patients at the hospital and give them the support they need.
Role model: Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood.
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
