Bitcoin Tops $51,000 As Coinbase Releases S-1
Bitcoin's price has increased in the last 24 hours. Image: Shutterstock
The price of Bitcoin surged by $1,500 today after crypto exchange Coinbase revealed its financial details ahead of the upcoming direct listing on the Nasdaq, according to metrics platform CoinGecko.
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.
As Bitcoin's price trended upward, Coinbase pre-IPO shares (CBSE) on crypto derivatives trading platform FTX also surged.
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 Not bad for an industry built on magic internet money pic.twitter.com/6VnasNezV4 — FTX - Built By Traders, For Traders (@FTX_Official) February 25, 2021