Coinbase CEO Brian Armstrong’s shareholdings are tentatively valued at $14 billion, as indicated by a filing with the SEC.
Coinbase CEO Brian Armstrong owns roughly 3.96 million shares in Coinbase, which amounts to approximately $14 billion. The data comes from the exchange’s prospectus.
Coinbase will be listed sometime in April.
Coinbase IPO Coming in Hot
Coinbase announced in January 2021 that it would opt for a direct listing instead of an IPO. The highly anticipated public launch has set the media ablaze, and analysts believe that this will give the crypto market some clout.
Choosing direct listing means that there is no lock-up period for shares, which means Armstrong can sell it whenever he pleases. Private sales have put the stock at an average price of $343, according to the prospectus. He received $60 million in compensation in 2020.
The IPO is one of the most anticipated in recent memory. Coinbase has taken a hit to its reputation following incidents over the past year, including allegations of racism and Armstrong’s open letter concerning politics.
On its part, the exchange has steadfastly moved forward in spite of the hiccups. The exchange continues to do well, though it does face competition from the likes of Binance.
IPO Mania Takes Over Crypto
That has not stopped investors from getting excited for one of the most popular exchanges. This would mark a huge step forward for the crypto market, which is already gaining a lot of legitimacy among incumbents.
Coinbase is only one of many crypto companies working on going public. New York-based exchange Gemini is also doing the same, as is mining hardware manufacturer MicroBT and social trading platform eToro.
Valuations have surged since late last year, and companies outside the crypto space have risen to the point where its founder becomes multi-billionaires. Coinbase’s direct listing looks like it will do the same for Armstrong, who is set to join an elite club.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.