The application for registration of the offer of shares of the crypto exchange Coinbase, which was filed with the United States Securities and Exchange Commission (SEC), is now available to the public.
The confidential draft document was submitted to the SEC back in mid-December 2020. The publication of the document reveals for the first time information about Coinbase's financial performance and how it plans to use the funds raised.
“We expect our operating expenses to increase significantly for the foreseeable future. We may not be able to achieve profitability or stable positive cash flow, which could negatively affect our business, operating results, and financials, "the company said in the document, adding:" For example, although we made a net profit of $ 322.3 million in 2020, we incurred a net loss of $ 30.4 million in 2019. ”
The company said its platform serves approximately 43 million retail users and 7,000 institutional customers.
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Coinbase also confirmed that Goldman Sachs, J.P. is advising the exchange “on certain listing issues”. Morgan Securities and Citigroup.
The company is expected to go public at a $ 100 billion valuation based on private secondary market trading late last week.
Coinbase isn't the only cryptocurrency company looking to go public. Bakkt, a subsidiary of Intercontinental Exchange, plans to go public on the NYSE through a merger with SPAC-based VPC Impact Acquisition Holdings.