Coinbase IPO

"Coinbase Announces Update Regarding Conversion of Shares of Class B Common Stock to Shares of Class A Common Stock"
April 13, 2021 03:11 PM Eastern Daylight Time

https://www.businesswire.com/news/h...ommon-Stock-to-Shares-of-Class-A-Common-Stock

****

"Coinbase Announces Update Regarding Conversion of Shares of Class B Common Stock to Shares of Class A Common Stock"

https://www.sec.gov/Archives/edgar/...2828021006825/coinbaseglobalincfwp4132021.htm

Remote-First-Company/PORTLAND--(BUSINESS WIRE)-- Coinbase Global, Inc. (“Coinbase”), today announced that, as of April 12, 2021, there are 130.7 million shares of Class A common stock (“Class A common stock”) outstanding and 68.5 million shares of Class B common stock (“Class B common stock” and together with the Class A common stock, “Common Stock”) outstanding.

Coinbase also announced that, as of April 12, 2021, Coinbase had a fully diluted capitalization of 261.3 million shares of Common Stock. This fully diluted capitalization share count includes the shares of Common Stock outstanding and all outstanding stock options and restricted stock units but does not include shares of Common Stock reserved for future issuance under Coinbase’s equity compensation plans or its Pledge 1% commitment.

****

https://seekingalpha.com/news/36815...me-2613m-shares-outstanding-at-wednesdays-ipo

Cryptocurrency exchange Coinbase Global (COIN) disclosed Tuesday afternoon that it will have some 261.3M shares outstanding when it goes public via an eagerly awaited direct listing on Wednesday.

m22au said:
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

.
More...
 
m22au said:
It looks like FTX has terminated the CBSE contract (based on market cap) and now introduced a COIN contract (based on share price). https://ftx.com/trade/COIN/USD

https://help.ftx.com/hc/en-us/articles/360059810131
Convert CBSE balances into COIN balances: each unit of CBSE will be converted into 1.0452 COIN

.
More...

As I said in another post, someone at FTX probably said in a morning meeting 'hey, let's issue a grey market token on the pre-IPP price on COIN'. The boss probably said, great idea, get to work. And then a few hours later it was listen and clients were trading. Who on Wall Street can operate that fast?

To highlight this point, there was a post here yesterday about the CME mini Bitcoin futures and the quote was something like - The CME will be listing mini BTC futures on May 3rd subject to regulatory approval....

If I was a top Wall Street CEO, I wouldn't be sleeping well at the moment because all I'd see is massively capitalised and massively profitable monsters (the crypto exchanges) coming over horizon. And the great Su Zhu called it several months ago when he said I used to think legacy finance was coming for crypto but now I see crypto coming for legacy...
 
VicBee said:
I bought AMC... might as well buy this.... :banghead:
More...

If the Fed can print trillions and trillions per year, I don't see why these pieces of paper can be any worse....specially if a lot of young FANBOYS are chasing... I just use very tight mental stops and sell every good pop. Thinking too hard about it will cause unneeded grief. These days I really think there is money to be made buying stocks that HEDGE FUNDS HATE. The hedge funds are making it personal and that's when I like to pounce. When I see emotions on the other side.

Also, in order for an American to get a coinbase account one has to show passport number and copies of exit stamps within the last five years Drivers, Social, Birth date, many passport photos, prior address history history for 10 years, mothers maiden, fathers religion, kids names and birth dates. They will usually fain losing some of this and ask for it twice. Coinbase is the exchange that most often has unexplained delays and outages in order to keep crypto sellers at bay. They also can close your account for many many reasons without explanation keeping your funds and crypto. If you forget your password or your pin..you are totally screwed. So, they got the money and the info. This makes them both Ameritrade and Facebook together. Bullish theory in place I guess? The data mining here will be epic regarding the younger generations.
 
Last edited:
IPO date : 14 Apr 21 - long red candlestick, ie bearish outlook

down it goes again.

Is it going to zero?
 
Last edited:
You must log in or register to reply here.
Back
Top