Coinbase has officially applied for direct listing as a public company on the Nasdaq Stock Exchange.

This is demonstrated by the “S-1” form submitted by Coinbase to the SEC.

Coinbase revealed important details regarding its financial affairs, before its shares were put on the market.

Coinbase, in its Form S-1 statement, expressed its intent to list its Class A common stock on the Nasdaq under the ticker symbol “COIN”.

Coinbase’s registration with the SEC for a public and direct listing via the registration statement on Form S-1 was confidential and only disclosed to the Securities and Exchange Commission.

Read:Cardano founder mocks Solana after stopping it again

However, it has been Advertising About it now, after it was published by the Securities and Exchange Commission.

This indicates that Coinbase’s move to become a publicly listed company is highly likely.

Coinbase, which operates a cryptocurrency trading platform as well as many other crypto-related services, has been trying to offer its shares to the public for some time, and its intentions to do so were announced about seven months ago.

With the publication now, the overall financial performance of Coinbase and how it intends to use its money has been revealed.

The filing with the SEC enclosed details of the company’s performance in 2020.

Coinbase did surprisingly well.

This is thanks in part to the surge in the price of Bitcoin and altcoins in general.

Coinbase generated $1.2 billion in revenue in 2020, ending the year with a profit of $322 million.

This was the first time the company had made an annual profit of this magnitude.

Although it managed to generate a net income of $322 million in 2020, Coinbase revealed that it incurred a loss of $30.4 million in 2019.

Read:Binance announces the date for stopping the sale and trading of digital stock tokens…Reasons and details here

Additionally, the filing reported that 43 million verified users were registered with Coinbase at the end of 2020.

On a monthly basis, 2.8 million transactions were processed, and Coinbase’s total assets under management reached $90 billion.

In its lifetime as a cryptocurrency trading platform, Coinbase has handled $456 billion in transactions.

Coinbase revealed that since 2012, when it was founded, the company has put cryptocurrencies on its balance sheet.

Read:Report: Indian Investors Lost $128 Million Due to Fake Cryptocurrency Trading Platforms

It intends to continue to do so, despite the volatility of cryptocurrencies being identified as a potential risk factor.

Quoting from the deposit:

All of our revenue streams are based on cryptocurrencies and the broader crypto economy.

There is no guarantee that any cryptocurrency will maintain its value or that there will be beneficial levels of trading activity.

In the event that the price of cryptocurrencies drops or the demand for trading crypto assets weakens, our business, operating results and financial condition will be adversely affected.

Read also:

Fed Chairman: The digital dollar is waiting for the opinion of US lawmakers first

Violent reactions from the crypto community to “Coinbase” after its founder stated that it is decentralized