Brian Armstrong, the CEO of leading crypto exchange Coinbase, owns about 3.96 million shares in the company that will be listed in April. According to data on the exchange’s prospectus filed with the SEC on March 23, Armstrong’s shares have a market value of about $14 billion.
More details from the prospectus indicate that Coinbase has a lifetime trading volume of $456 billion and it is valued at $90 billion.
Since the platform announced in January that they will go public, the crypto and FinTech space has been awash with analysis and opinions about the same. The company opted for a direct listing rather than an ICO since the former doesn’t have a lock in period for the shares.
According to private sales, the value of the company’s stock stands at $343. Armstrong’s compensation for 2020 was $60 million, and he’s free to sell his shares when he pleases.
However, the platform has faced a lot of hiccups in the wake of the listing. Major incidents include accusations of racism and heavy criticism following Armstrong’s letter about politics. That said, this negativity hasn’t tampered much with the platform’s public relation ahead of the listing.
Coinbase Listing Births Crypto IPO Mania
As the bull market continues to dominate the crypto space, more companies are seeking to take their companies public through IPOs. Other than Coinbase, Gemini is another established crypto exchange that plans to go public. Social trading platform, eToro also plans to list its stock on the New York Stock Exchange. There are also indications that Kraken could also be about to tow the same path.
Crypto founders have turned into billionaires following hefty valuations of their companies, and Armstrong seems headed in the same direction once Coinbase is listed.