Cryptocurrency exchange Coinbase has filed with the Securities and Exchange Commission (SEC) to go public via a direct listing. The company’s IPO filing occurs during a time of increased interest and prices for the cryptocurrency ecosystem. Bitcoin (BTCUSD) has appreciated by more than 73% this year and recently crossed $1 trillion in market capitalization. More importantly, mainstream companies such as Tesla, Inc. (TSLA) and Square, Inc. (SQ), and institutional investors are gravitating toward the cryptocurrency, using it as a hedging tool against macroeconomic instability.

Coinbase, which is North America’s biggest cryptocurrency exchange by trading volume, has a balance sheet that reflects recent volatility in crypto markets. It earned net income of $322 million on revenues of $1.14 billion in 2020, a significant improvement from its 2019 performance of $30 million in losses on revenue of $483 million.

Key Takeaways

  • Cryptocurrency exchange Coinbase has filed to go public via direct listing.
  • The