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.
Coinbase's pre-IPO shares. Image: FTX
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
— 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.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Crypto prices continued to crater Sunday morning, with Bitcoin dropping below $100,000 mark, Ethereum plunging 10% on the day, and assets like Solana, XRP, and Dogecoin falling to multi-month lows.
The downward shifts came after the United States entered the conflict between Israel and Iran, with President Donald Trump announcing late Saturday that U.S. forces bombed three Iranian nuclear facilities in an attack dubbed Operation Midnight Hammer.
The move threatens to further inflame tensions in...
The crypto market took a battering on Sunday morning as over $600 million in long positions were liquidated following U.S. attacks on Iranian nuclear facilities.
Crypto liquidations topped $701 million according to CoinGlass data, of which the vast majority, $618.69 million, were long positions.
The total market capitalization of all cryptos dipped to $3.25 trillion, down 4.4% on the day, per CoinGecko.
ETH liquidations over the past 24 hours totaled $296 million, with $269 million attributed to...
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.
This week: Circle and Coinbase surge on stablecoin legislation movement, the Bitcoin treasury model raises concerns, and sources tell Decrypt that another crypto firm is eyeing an IPO this year.
Stroke of GENIUS
It makes sense that this week’s Senate vote in favor of the GENIUS Act was great for stablecoin issuers—but Circle has gone above and beyond.
The company’s CRCL shares, which trade on the N...