Californian Coinbase files for Nasdaq listing, shows revenue surge amid bitcoin binge

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Californian Coinbase files for Nasdaq listing, shows revenue surge amid bitcoin binge

In context of an unfathomable upsurge in bitcoin valuation since December 20 when it first hit a $20,000 treadle, the world’s biggest digital currency trading platform Coinbase, headquartered in San Francisco, California, had filed for a direct Nasdaq listing on Tuesday with the US SEC (Securities and Exchange Commission).

If truth is to be told, an approval for Coinbase’s US public listing from the US SEC would represent a milestone event for a swathe of digital assets awaiting mainstream acceptances which had long been wrestling to win the trust of mainstream regulators and investors.

Aside from that, should US SEC approve the eight-year old digital currency exchange’s application to list in the Nasdaq, it would mark up the highest-profile US public listing ever of a company whose businesses are chiefly based on cryptocurrencies, often dubbed as dirty assets a majority of which was thought to have stemmed from illicit activities such as trafficking of drugs alongside human.

Coinbase reports revenue surge ahead of planned Nasdaq listing

In tandem, according to Coinbase’s filing for a direct US public market listing with US SEC, the San Francisco-based digital currency exchange which had shrugged off Ripple or XRP in December last year following launch of a Federal probe on the crypto asset, had revealed that the company had brought in a stark upsum of $1.3 billion in revenues last year, up from a $533.7 million in 2019, while the company had also reported a net earning of $322.3 million last year following a loss of $30.4 million a year earlier.

Nonetheless, Coinbase, which was valued at $8 billion at its last fundraising campaign back in the 2018, had declined to disclose the date of its slated opening of trading in US public market. Besides, the California-based world’s No 1 digital currency broker, did not unleash the price at which its stocks were floating in the private markets.