According to a report by host Ran Neuner on CNBC Africa, it is likely that Coinbase, one of the largest crypto exchanges, will soon announce its first Initial Public Offering (IPO). Indeed, Neuner claims the announcement will be made today, 26th October, according to his tweet.
In his Twitter post, Neuner gives an overview of Coinbase’s revenues and number of users showing that it has 25 million accounts with 600,000 of these actively trading. In the last quarter, Coinbase has enjoyed $90 million in revenue and is projected to earn $450 million in the last quarter of this year. The exchange’s statistics also show that 80% of its revenue comes from consumers, while 15% is from institutions and the other 5% is ‘unknown’.
Back at the end of 2017, Coinbase president Asiff Hirji hinted that the exchange was considering an IPO when asked about whether or not there were plans to take the company public. At the time his response was: “It is certainly in the interest of our investors…and the most obvious path of Coinbase is to go public at some point, but there’s a lot for us to do between now and then, whenever that date is.”
Earlier this month, Cointelegraph reported that Coinbase was in negotiations with Tiger Global for a $500 million investment that would allegedly allow it to value the company at $ 8 billion. And, according to CNBC, a deal with Tiger Global would make Coinbase one of the most highly valued startups in the USA. It also noted that in 2017 the exchange had a series D funding round led by IVP, with participation from Section 32, Draper Associates, and others, which valued Coinbase at an estimated $1.6 billion.
So far nothing has been heard from Coinbase regarding Neuner’s leak, but there are still plenty more hours left in Friday, 26th October for the California-based from to make an announcement.