Wall Street will be focused on Coinbase with the digital currency exchange becoming a publicly traded company. Coinbase is making its initial public offering of stock with cryptocurrency chatter seemingly everywhere, even at the U.S. Federal Reserve. It is being incorporated into the business plans and accepted by major corporations like Tesla, PayPal and Visa.
“The Coinbase IPO is potentially a watershed event for the crypto industry and will be something the Street will be laser focused on to gauge investor appetite,'” Wedbush analyst Daniel Ives wrote this week.
There were 43 million verified Coinbase users in 2020, with 2.8 million making transactions monthly. Its revenue more than doubled to $1.14 billion last year and the company swung to a profit of $322.3 million after losing tens of millions in 2019.