Connect with us

Business

Coinbase Plans First-Ever Investor Day Amid Talk It May Go Public – CoinDesk – CoinDesk

Coinbase has scheduled its first-ever investor day for Aug. 14, amid rumors that the crypto exchange is exploring a public stock listing.

Published

on

post featured image
ADVERTISEMENT

Coinbase has scheduled its first-ever investor day for Aug. 14, amid rumors that the crypto exchange is exploring a public stock listing.
It is unclear, however, whether the virtual event is related to the rumored efforts to go public. A Coinbase spokesperson confirmed the meeting is coming but said it was meant simply to facilitate a wider understanding of cryptocurrencies and blockchain technology.
This will not be a traditional investor day, but rather an opportunity to hear our perspective on the cryptoeconomy and learn about Coinbases role in the ecosystem, said the spokesperson, Daniel Harrison, in a prepared statement. He declined to provide further details.
Reuters reported earlier Thursday that Coinbase was seeking legal teams in advance of filing for a public offering with the Securities and Exchange Commission (SEC), ahead of a direct listing. In a direct listing, shareholders in the private market are able to sell their holdings though the company itself does not issue new shares or raise additional money.
An investor day can often be a harbinger of a planned direct listing, as Jamie McGurk, a former operating partner at Andreessen Horowitz (a16z), wrote on the venture capital firms blog lost year. 
“The company will invite investors to their Investor Day, where they will publicly talk about the company and financial results though still only about historical performance,” wrote McGurk (now a managing partner with Coatue Management), noting that this takes place about five weeks prior to the first trading day. 
A16z, it should be noted, is one of Coinbases investors, including leading its $25 million Series B round in December 2013. 
Direct listings allow existing shareholders, such as venture capitalists, to trade their equity in a public market without the company itself selling any new shares. Silicon Valley darlings Slack and Spotify previously followed this route, which minimizes the use of traditional Wall Street middlemen.
Such a route does not preclude a later public offering. In fact, it can make them more successful. 
“If further financing is needed in the future, the company now has access to the public capital markets as a seasoned issuer, which is one of the primary benefits of being public anyway,” McGurk wrote.
One person with knowledge of the upcoming meeting said a direct listing would make sense for Coinbase now, with many people in crypto anticipating an upward trajectory to the market soon. 
As newer companies like Compound and Kyber use innovative methods to extend ownership of their platforms to users, a direct listing would be the most cost-efficient way to provide Coinbase users with access to shares in the company, the source noted, while still adhering to its legal structure.  
Since its founding in 2012, Coinbase has raised a total of $547 million, according to Crunchbase. Its Series E round, in October 2018, valued the company at $8 billion. The San Francisco-based company boasts more than 35 million users and would be the first major U.S. crypto startup to go public, if it were to pursue a listing.
DisclosureThe leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Click here to view the original article.

Business

GM shares close at new year-to-date high following Hummer EV debut – CNBC

GM stock closed at $37.41, up 4.6% – pushing the shares for the year in the black (up 2.2%) for the first time since Jan. 2.

Published

on

post featured image
ADVERTISEMENT

Shares of General Motors closed Thursday at their highest price so far this year following the successful debut Tuesday of the new GMC Hummer EV as well as the automaker’s announcement earlier in the week of more than $2 billion in new U.S. investments to support electric vehicles.
The stock settled at $37.41 a share, rising 4.6% for the day and pushing the price up 2.2% year to date. That was just enough to drive the shares into the black for the first time since Jan. 2. The stock has jumped by…

Click here to view the original article.

Continue Reading

Business

Stock Market Rallies Amid Stimulus News; PayPal, Tesla Near New Buy Points – Investor’s Business Daily

The stock market reversed higher amid stimulus news Thursday. Chipotle Mexican Grill, PayPal and Tesla are approaching new buy points.

Published

on

post featured image
ADVERTISEMENT

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are…

Click here to view the original article.

Continue Reading

Business

PayPal in Talks to Buy Crypto Firms Including BitGo – Bloomberg

Published

on

ADVERTISEMENT

To continue, please click the box below to let us know you’re not a robot.

Click here to view the original article.

Continue Reading

Trending

You might also like ...

post featured image
Revamped Coronavirus Risk Map: Mass. Up to 77 Communities in the Red – NBC10 Boston
post featured image
US faces major hurdles for COVID-19 vaccine distribution: Vaccine advisory committee – Yahoo Finance
post featured image
Meet NextEra, America’s most valuable energy firm – The Economist