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.