• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich

Samuel Wan by Samuel Wan
1 year ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Last week, crypto exchange Coinbase made its S1 filing to the U.S. Securities and Exchange Commission (SEC). The crypto community is set to gain massively as a result of the firm going public, especially in redressing the poor reputation of cryptocurrency among everyday people.

But the biggest winner is Coinbase CEO and Co-Founder Brian Armstrong, who stands to gain billions of dollars from the listing.

Armstrong Will Rake in Billions Off Coinbase Going Public

Armstrong penned a letter to the SEC accompanying the S1 filing. It outlined how the industry has evolved from speculation and trading into something more important.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“Trading and speculation were the first major use cases to take off in cryptocurrency, just like people rushed to buy domain names in the early days of the internet. But we’re now seeing cryptocurrency evolve into something much more important.”

The developing use case for cryptocurrency is reflected in the growing fortunes of both Coinbase and Armstrong. In late 2018, at the height of crypto winter, Forbes put an $8bn valuation on the firm and estimated Armstrong’s stake to be worth $1.3bn.

Current valuations put the company at between $77bn and $100bn. Taking into account Armstrong’s 21% holding of Coinbase stock, at the upper end of the firm’s valuation, that would give him a net worth of $20bn.

That’s still some distance from Jeff Bezos’s $181bn fortune. But it’s still enough for Armstrong to make the Forbes billionaire rich list at number 93, between Chinese ophthalmology entrepreneur Chen Bang, and Michael Hartono, who made his money in banking and tobacco.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

All the same, Coinbase’s S1 filing brought to light the firm’s exposure to market instability, which may limit investor appeal.

Risk Exposure to Crypto Volatility

Bitcoin peaked at $58k last weekend, which was followed by a market-wide dip leading to the loss of $389bn from the total market cap. Although the bull trend remains intact, it was a stark reminder of the volatility within cryptocurrency.

That is a point felt all too keenly by Coinbase, who mentioned the issue in their recent S1 filing. The firm listed several factors that have the potential to negatively affect Bitcoin and Ethereum, their two biggest markets driving 56% of trading volume on the exchange.

Among the factors listed were disruptions, hacks, splits, developments in quantum computing, and regulation. But Armstrong responded by saying he’s optimistic about the long-term future of cryptocurrency and is unconcerned about events in the short-term cycle.

“You can expect volatility in our financials, given the price cycles of the cryptocurrency industry. This doesn’t faze us, because we’ve always taken a long-term perspective on crypto adoption.”

Bitcoin is staging a recovery today, having bottomed at $42.6k. The rest of the market followed suit, with BNB leading the top-10 at +18% gains in the last 24-hours.

Bitcoin daily chart

Source: BTCUSD on TradingView.com

An honorable mention goes to ADA, which defied last week’s downturn, being one of the few gainers during the sell-off. It hit an all-time high of $1.55 on Saturday.

Tags: bitcoinbtcusdBTCUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

CloneX and Murakami promotional image

Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse

9 hours ago
The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

10 hours ago
XRP whales

XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply

12 hours ago
KuCoin Exchange Report Shows Growing Crypto Adoption In The US

KuCoin Exchange Report Shows Growing Crypto Adoption In The US

12 hours ago
Bitcoin

Bitcoin Is Consolidating But Is A Rally Near?

16 hours ago
Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

Bitcoin Dominance Remains High As Market Sell-Offs Settle

18 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List Value Interlocking Exchange Coin (VIC) on May 30, 2022

May 27, 2022

LBank Exchange Will List TEAK COIN (TEAK) on May 30, 2022

May 27, 2022

Solana (SOL) and Cardano (ADA) begin to recover as crypto market braces for emergence of Sanzooz Finance (SZFT)

May 27, 2022

Watchlist Essentials: Discounted Blue-Chips Ripple (XRP) and Avalanche (AVAX); Presale For Quitriam Finance (QTM)

May 27, 2022

3 Coins to Potentially Elevate Your Finances: Logarithmic Finance (LOG), KuCoin Token (KCS), and Litecoin (LTC)

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.