Cryptocurrencies
Crypto Boom Has Been Good to Coinbase Ahead of Planned Listing
- Revenue more than doubles as not everyone’s a ‘hodler’
- Majority of revenue comes from Bitcoin, Ethereum transactions
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Coinbase Global Inc. is the latest company that’s taking an unconventional route to becoming a public company. A look at the largest cryptocurrency exchange’s latest financial statements shows something else that sets it apart: It’s making money.
About 85% of the 130 companies that went public in the U.S. last year were unprofitable, according to data compiled by Bloomberg that excludes special purchase acquisition companies and real-estate investment trusts. Coinbase, which plans a direct listing rather than a traditional initial public offering, swung from a loss to a profit of $322 million last year on net revenue that more than doubled to $1.14 billion.