Bloomberg Law
Feb. 25, 2021, 8:00 PM

Crypto Boom Has Been Good to Coinbase Ahead of Planned Listing

Crystal Tse
Crystal Tse
Bloomberg News

Coinbase Global Inc. is the latest company that’s taking an unconventional route to becoming a public company. A look at the largest cryptocurrency exchange’s latest financial statements shows something else that sets it apart: It’s making money.

About 85% of the 130 companies that went public in the U.S. last year were unprofitable, according to data compiled by Bloomberg that excludes special purchase acquisition companies and real-estate investment trusts. Coinbase, which plans a direct listing rather than a traditional initial public offering, swung from a loss to a profit of $322 million last year on net revenue that more than ...