Bitcoin Tops $51,000 As Coinbase Releases S-1
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The price of Bitcoin surged by $1,500 today after crypto exchange Coinbase revealed its financial details ahead of the upcoming direct listing on the Nasdaq, according to metrics platform CoinGecko.
Immediately after news of the S-1 regulatory filing broke at 7:32am ET, Bitcoin’s price increased from around $50,447 to hit a high of $51,982. BTC has since stabilized at around $51,027, up roughly 3% on the day.
As Decrypt reported, Coinbase’s filing document revealed that the platform earned a profit of $322 million on revenues of over $1.2 billion in 2020, on the heels of the ongoing Bitcoin bull run. Its performance is a substantial improvement over the previous year, when it posted a loss of $30 million. Additionally, its revenue increased by 140% from the $533 million in 2019.
Coinbase Pre-IPO shares spike on FTX
As Bitcoin’s price trended upward, Coinbase pre-IPO shares (CBSE) on crypto derivatives trading platform FTX also surged.
At press time, CBSE is trading at around $416, up 7.9% on the day.
Exciting seeing @coinbase doing billions in revenue and @binance hitting 100 billion in trading volume this week
Not bad for an industry built on magic internet money pic.twitter.com/6VnasNezV4
— FTX – Built By Traders, For Traders (@FTX_Official) February 25, 2021
“Exciting seeing Coinbase doing billions in revenue and Binance hitting 100 billion in trading volume this week. Not bad for an industry built on magic internet money,” FTX tweeted.
