on April 14 the crypto us exchange will go public, street say it is valued 67 bill. I'd like to apply for the issued shares but to be honest never did that, and cannot find any web resouces. Any help? Using IB
Coinbase IPO
- Thread starter nikkktrader
- Start date
I heard it's nearer $90billion but whatever the case anything above $40b looks very rich to me.
No way other financial firms are going to let them get away with all the cream they're making.
Goldman's right now is valued at $111billion (under $80b a few months ago) so which one would you prefer to own?
No way other financial firms are going to let them get away with all the cream they're making.
Goldman's right now is valued at $111billion (under $80b a few months ago) so which one would you prefer to own?
Baron
ET Founder
Coinbase is never going to be able to sustain the trading fees they are charging. It feels like the day trading brokerages of the late 90's all over again charging day traders $15+ every time they hit the buy or sell button. Fast forward to those same brokerages of today slashing their commissions to zero and you can see where these crypto commissions are eventually heading. I'm just amazed they can have that kind of valuation based upon a business model that requires exorbitant commissions to sustain itself and plenty of competition to ensure those fees are definitely going down over time.
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I read the S-1
https://www.sec.gov/Archives/edgar/...a2.htm#i86a9d9b35e45447ea6eb369e5dcf1e6a_1215
What's to keep IB, Fidelity, Schwab, or even Robinood out of this game? All the legal and regulatory stuff, both domestic and international, these guys are old hands at. Maybe not Robinhood but IB and the others for sure. I'm no expert on the cryptoverse, but it sure seems like it wouldn't require much of a leap on their part to get in the game.
Sure Coinbase has a first-mover advantage, but if the potential for growth is truly what they claim it is, I gotta think one if not all of these brokers will jump in and not only use it as a tool to recruit new customers, but integrate it into their platforms for existing customers (like me) that don't feel like opening a new account with a company I have never done business with.
I'm sure its a great company but Baron is spot on imo.
https://www.sec.gov/Archives/edgar/...a2.htm#i86a9d9b35e45447ea6eb369e5dcf1e6a_1215
What's to keep IB, Fidelity, Schwab, or even Robinood out of this game? All the legal and regulatory stuff, both domestic and international, these guys are old hands at. Maybe not Robinhood but IB and the others for sure. I'm no expert on the cryptoverse, but it sure seems like it wouldn't require much of a leap on their part to get in the game.
Sure Coinbase has a first-mover advantage, but if the potential for growth is truly what they claim it is, I gotta think one if not all of these brokers will jump in and not only use it as a tool to recruit new customers, but integrate it into their platforms for existing customers (like me) that don't feel like opening a new account with a company I have never done business with.
I'm sure its a great company but Baron is spot on imo.
i agree that in the long run would be hard for these exchanges to sustain current margins, but the process may take 10 yrs, years of amazing profits that can fuel m&a and fund fintech projects that are hard to foresee at the moment, I am buying
https://ftx.com/trade/CBSE/USD
"Coinbase (CBSE) is a pre-IPO contract. It tracks Coinbase's market cap divided by 250,000,000. "
Link to contract:
https://ftx.com/equities_terms/KID_CBSE.pdf
last price = $467.8025
$467.8025 * 250 million = $116.950 billion market cap
Coinbase S-1:
https://www.sec.gov/edgar/browse/?CIK=1679788&owner=exclude
https://www.sec.gov/Archives/edgar/data/0001679788/000162828021003168/coinbaseglobalincs-1.htm
Share count on pages 80 and 81
21,035,491 class A
164,950,620 class B
"We have two classes of common stock, Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to twenty votes and is convertible at any time into one share of Class A common stock. "
The class A is the stock being sold.
Page 81 lists the "share count does not include" which adds up to about another 100 million shares once options are exercised (about 62 million shares) and future issuance (about 38 million shares).
But if we exclude the page 81 "does not include", the share count is
21,035,491 class A + 164,950,620 class B = 185,986,111 shares
https://seekingalpha.com/symbol/COIN
https://seekingalpha.com/news/3670592-bitcoin-takes-off-with-coinbase-reportedly-valued-at-90b
The $90 billion figure above is calculated from a share price of $350.
Working backwards, this gives a share count of 257.14 million shares (90 billion / 350)
This is fairly close to the above 185.986 million + 62 million unexercised options
185.986 + 62 = 247.986 million shares
.
https://www.sec.gov/edgar/browse/?CIK=1679788&owner=exclude
https://www.sec.gov/Archives/edgar/data/0001679788/000162828021003168/coinbaseglobalincs-1.htm
Share count on pages 80 and 81
21,035,491 class A
164,950,620 class B
"We have two classes of common stock, Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to twenty votes and is convertible at any time into one share of Class A common stock. "
The class A is the stock being sold.
Page 81 lists the "share count does not include" which adds up to about another 100 million shares once options are exercised (about 62 million shares) and future issuance (about 38 million shares).
But if we exclude the page 81 "does not include", the share count is
21,035,491 class A + 164,950,620 class B = 185,986,111 shares
https://seekingalpha.com/symbol/COIN
https://seekingalpha.com/news/3670592-bitcoin-takes-off-with-coinbase-reportedly-valued-at-90b
The $90 billion figure above is calculated from a share price of $350.
Working backwards, this gives a share count of 257.14 million shares (90 billion / 350)
This is fairly close to the above 185.986 million + 62 million unexercised options
185.986 + 62 = 247.986 million shares
.
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