比特幣公司Coinbase宣布IPO，加密貨幣新時(shí)代到來
JEFF JOHN ROBERTS
2020-12-18
12月17日，加密貨幣巨頭Coinbase宣布已秘密申請首次公開募股，成為新一家尋求在今年進(jìn)行IPO的知名初創(chuàng)公司。
Coinbase成立于2012年，最初業(yè)務(wù)是提供消費(fèi)者購買比特幣的簡易渠道。之后，Coinbase逐步演變?yōu)榧用芟嚓P(guān)業(yè)務(wù)的大型企業(yè)集團(tuán)、行業(yè)領(lǐng)軍者，與此同時(shí)，該公司也長期受到監(jiān)管機(jī)構(gòu)和傳統(tǒng)金融機(jī)構(gòu)的質(zhì)疑。
Coinbase宣布這一消息，正值IPO市場和加密貨幣價(jià)格都格外火熱之時(shí)。目前，比特幣價(jià)格已接近創(chuàng)紀(jì)錄的23500美元，同時(shí)交易量也在激增——這對Coinbase等公司來說是個(gè)好消息，因?yàn)镃oinbase的大部分收入來自交易手續(xù)費(fèi)。
Coinbase在其公司博客上發(fā)布的IPO公告中，并未透露IPO的細(xì)節(jié)安排。傳統(tǒng)的IPO一般由銀行安排機(jī)構(gòu)以固定價(jià)格優(yōu)先認(rèn)購股票，而這一模式可能會讓加密貨幣愛好者和Coinbase員工感到厭惡。
在最近的一次采訪中，Coinbase聯(lián)合創(chuàng)始人弗雷德?埃爾薩姆告訴《財(cái)富》稱，從“精神上”來看，Coinbase將通過發(fā)行區(qū)塊鏈數(shù)字代幣上市。區(qū)塊鏈?zhǔn)且环N分類賬本技術(shù)，是比特幣的基礎(chǔ)。在加密貨幣愛好者看來，區(qū)塊鏈?zhǔn)墙鹑诨A(chǔ)設(shè)施建設(shè)的未來。
然而，至于美國證券交易委員會是否最終會批準(zhǔn)這樣的安排，還遠(yuǎn)未可知。如果委員會拒絕了這種操作，尋求直接上市、直接向公眾出售股票則是Coinbase的另一個(gè)選擇。這種模式最近被Spotify和Slack采用。資深科技記者亞歷克斯?威廉指出，Coinbase是此類上市模式的“典型的”候選者，部分原因在于，公司的資產(chǎn)負(fù)債已經(jīng)十分龐大。
Coinbase沒有立即回應(yīng)有關(guān)其上市性質(zhì)的詢問。
Coinbase尚未透露公司盈利情況。但接近Coinbase的消息人士表示，該公司近年來盈利已常態(tài)化。該公司在上一輪融資中籌資3億美元，對其估值接近80億美元。但這些都已經(jīng)是2018年的數(shù)據(jù)，這兩年加密貨幣市場持續(xù)蓬勃發(fā)展，加上最近IPO需求激增，Coinbase可能會尋求更高的估值。
Coinbase的IPO將給包括首席執(zhí)行官布萊恩?阿姆斯特朗和風(fēng)投公司安德森?霍洛維茨在內(nèi)的早期股東帶來套現(xiàn)的機(jī)會。此次IPO也意味著加密行業(yè)一直以來尋求合法性的路途中，終于立上了一個(gè)里程碑。
Coinbase成立之初，許多人對比特幣不屑一顧，認(rèn)為它只是一種短暫的時(shí)尚，而許多官方機(jī)構(gòu)則認(rèn)為比特幣主要是犯罪和洗錢的工具。盡管一些決策者（包括特朗普在內(nèi)）一直對數(shù)字貨幣懷有敵意，但過去兩年間，主流機(jī)構(gòu)對數(shù)字貨幣的接受度呈現(xiàn)激增態(tài)勢。今年，由聯(lián)合創(chuàng)始人Ehrsam運(yùn)營的一個(gè)新的加密基金還吸引了來自哈佛大學(xué)和斯坦福大學(xué)等捐贈基金的投資。
與此同時(shí)，Coinbase近年來進(jìn)行了數(shù)十次收購，以幫助其實(shí)現(xiàn)收入模式多樣化，而不僅僅來自于交易手續(xù)費(fèi)。收購內(nèi)容包括托管業(yè)務(wù)，即向客戶收取安全存儲大量加密貨幣的托管費(fèi)用。
不過，Coinbase最近一直受爭議困擾，原因是該公司首席執(zhí)行官阿姆斯特朗發(fā)表了一篇博客文章，宣布Coinbase是一家“不關(guān)心政治的”公司，而這篇文章發(fā)表時(shí)，正值“黑人的命也是命”（Black Lives Matter）抗議活動爆發(fā)，社會動蕩不安之時(shí)，許多人認(rèn)為文章作者對社會現(xiàn)狀置若罔聞、麻木不仁。上個(gè)月，《紐約時(shí)報(bào)》發(fā)表了一篇文章，指出大量黑人員工離開Coinbase，其中一些人引述了同事的種族主義態(tài)度，爭議進(jìn)一步加劇。
過去幾個(gè)月，Coinbase似乎一直在為IPO做準(zhǔn)備，公司董事會進(jìn)行了一系列人事調(diào)整。最近，該公司將思科首席財(cái)務(wù)官凱利?克萊默納入董事會，并將硅谷資深投資者馬克?安德森提拔為正式董事會成員。（財(cái)富中文網(wǎng)）
編譯：楊二一
12月17日，加密貨幣巨頭Coinbase宣布已秘密申請首次公開募股，成為新一家尋求在今年進(jìn)行IPO的知名初創(chuàng)公司。
Coinbase成立于2012年，最初業(yè)務(wù)是提供消費(fèi)者購買比特幣的簡易渠道。之后，Coinbase逐步演變?yōu)榧用芟嚓P(guān)業(yè)務(wù)的大型企業(yè)集團(tuán)、行業(yè)領(lǐng)軍者，與此同時(shí)，該公司也長期受到監(jiān)管機(jī)構(gòu)和傳統(tǒng)金融機(jī)構(gòu)的質(zhì)疑。
Coinbase宣布這一消息，正值IPO市場和加密貨幣價(jià)格都格外火熱之時(shí)。目前，比特幣價(jià)格已接近創(chuàng)紀(jì)錄的23500美元，同時(shí)交易量也在激增——這對Coinbase等公司來說是個(gè)好消息，因?yàn)镃oinbase的大部分收入來自交易手續(xù)費(fèi)。
Coinbase在其公司博客上發(fā)布的IPO公告中，并未透露IPO的細(xì)節(jié)安排。傳統(tǒng)的IPO一般由銀行安排機(jī)構(gòu)以固定價(jià)格優(yōu)先認(rèn)購股票，而這一模式可能會讓加密貨幣愛好者和Coinbase員工感到厭惡。
在最近的一次采訪中，Coinbase聯(lián)合創(chuàng)始人弗雷德?埃爾薩姆告訴《財(cái)富》稱，從“精神上”來看，Coinbase將通過發(fā)行區(qū)塊鏈數(shù)字代幣上市。區(qū)塊鏈?zhǔn)且环N分類賬本技術(shù)，是比特幣的基礎(chǔ)。在加密貨幣愛好者看來，區(qū)塊鏈?zhǔn)墙鹑诨A(chǔ)設(shè)施建設(shè)的未來。
然而，至于美國證券交易委員會是否最終會批準(zhǔn)這樣的安排，還遠(yuǎn)未可知。如果委員會拒絕了這種操作，尋求直接上市、直接向公眾出售股票則是Coinbase的另一個(gè)選擇。這種模式最近被Spotify和Slack采用。資深科技記者亞歷克斯?威廉指出，Coinbase是此類上市模式的“典型的”候選者，部分原因在于，公司的資產(chǎn)負(fù)債已經(jīng)十分龐大。
Coinbase沒有立即回應(yīng)有關(guān)其上市性質(zhì)的詢問。
Coinbase尚未透露公司盈利情況。但接近Coinbase的消息人士表示，該公司近年來盈利已常態(tài)化。該公司在上一輪融資中籌資3億美元，對其估值接近80億美元。但這些都已經(jīng)是2018年的數(shù)據(jù)，這兩年加密貨幣市場持續(xù)蓬勃發(fā)展，加上最近IPO需求激增，Coinbase可能會尋求更高的估值。
Coinbase的IPO將給包括首席執(zhí)行官布萊恩?阿姆斯特朗和風(fēng)投公司安德森?霍洛維茨在內(nèi)的早期股東帶來套現(xiàn)的機(jī)會。此次IPO也意味著加密行業(yè)一直以來尋求合法性的路途中，終于立上了一個(gè)里程碑。
Coinbase成立之初，許多人對比特幣不屑一顧，認(rèn)為它只是一種短暫的時(shí)尚，而許多官方機(jī)構(gòu)則認(rèn)為比特幣主要是犯罪和洗錢的工具。盡管一些決策者（包括特朗普在內(nèi)）一直對數(shù)字貨幣懷有敵意，但過去兩年間，主流機(jī)構(gòu)對數(shù)字貨幣的接受度呈現(xiàn)激增態(tài)勢。今年，由聯(lián)合創(chuàng)始人Ehrsam運(yùn)營的一個(gè)新的加密基金還吸引了來自哈佛大學(xué)和斯坦福大學(xué)等捐贈基金的投資。
與此同時(shí)，Coinbase近年來進(jìn)行了數(shù)十次收購，以幫助其實(shí)現(xiàn)收入模式多樣化，而不僅僅來自于交易手續(xù)費(fèi)。收購內(nèi)容包括托管業(yè)務(wù)，即向客戶收取安全存儲大量加密貨幣的托管費(fèi)用。
不過，Coinbase最近一直受爭議困擾，原因是該公司首席執(zhí)行官阿姆斯特朗發(fā)表了一篇博客文章，宣布Coinbase是一家“不關(guān)心政治的”公司，而這篇文章發(fā)表時(shí)，正值“黑人的命也是命”（Black Lives Matter）抗議活動爆發(fā)，社會動蕩不安之時(shí)，許多人認(rèn)為文章作者對社會現(xiàn)狀置若罔聞、麻木不仁。上個(gè)月，《紐約時(shí)報(bào)》發(fā)表了一篇文章，指出大量黑人員工離開Coinbase，其中一些人引述了同事的種族主義態(tài)度，爭議進(jìn)一步加劇。
過去幾個(gè)月，Coinbase似乎一直在為IPO做準(zhǔn)備，公司董事會進(jìn)行了一系列人事調(diào)整。最近，該公司將思科首席財(cái)務(wù)官凱利?克萊默納入董事會，并將硅谷資深投資者馬克?安德森提拔為正式董事會成員。（財(cái)富中文網(wǎng)）
編譯：楊二一
Cryptocurrency giant Coinbase announced on Thursday that it has confidentially filed for a public offering, becoming the latest in a parade of high-profile startups to pursue an IPO in 2020.
Founded in 2012 as a simple way for consumers to purchase Bitcoin, Coinbase has since become a conglomerate of crypto-related business and the standard-bearer for an industry long regarded with suspicion by regulators and the traditional financial establishment.
Coinbase’s announcement comes at a time when both the IPO market and cryptocurrency prices are red-hot. The price of Bitcoin is currently near a record $23,500, and trading volumes are surging—a boon for firms like Coinbase, which makes the bulk of its revenue from trading commissions.
In its IPO announcement, which came in a company blog post, Coinbase did not provide details about how it would structure its offering. A traditional IPO, whereby banks arrange for institutions to get first dibs on the stock for a fixed price, would likely be anathema to many crypto enthusiasts and Coinbase employees.
In a recent interview, Coinbase cofounder Fred Ehrsam told Fortune the company is “spiritually” built to go public via an offering involving digital tokens on a blockchain—the ledger technology that underpins Bitcoin, and which crypto enthusiasts view as the future of financial infrastructure.
It’s far from clear, however, whether the Securities and Exchange Commission would sign off on such an arrangement. If the agency refuses to do so, another option would be for Coinbase to pursue a direct listing in which it sells shares directly to the public. This model was recently employed by Spotify and Slack, and veteran tech journalist Alex Wilhelm has noted that Coinbase is an “archetypal” candidate for such a listing, in part because of its hefty balance sheet.
Coinbase did not immediately respond to queries about the nature of listing it would pursue.
The company has yet to reveal how much money it is making, though sources close to Coinbase say it has regularly turned a profit in recent years. The company’s last fundraising round, for $300 million, valued it near $8 billion. That figure, however, is from 2018, and it’s likely Coinbase will seek a much higher valuation owing to the booming crypto market and the recent surge in demand for IPOs.
Coinbase’s IPO will give its early shareholders, including CEO Brian Armstrong and venture firm Andreessen Horowitz, an opportunity to cash out. But it will also represent a milestone in the crypto industry’s long-running quest for legitimacy.
When Coinbase launched, many dismissed Bitcoin as a fad, while many government officials regarded it as primarily a vehicle for crime and money laundering. While some policymakers—and President Trump—continue to treat the digital currency with hostility, the past two years have seen a surge in acceptance by mainstream institutions. Indeed, a new crypto fund run by cofounder Ehrsam has attracted investments from the likes of the endowments of Harvard and Stanford universities.
Meanwhile, Coinbase has made dozens of acquisitions in recent years to help its diversify its revenue model beyond trading fees. This has included buying custody operations, which involve charging clients to safely store large amounts of cryptocurrency.
The company has been dogged by recent controversy, however, related to a decision by CEO Armstrong to publish a blog post declaring Coinbase to be an “apolitical” company. The post came in the midst of upheaval related to the Black Lives Matter protests and was regarded by many as tone deaf and insensitive. The controversy gained further traction last month when the New York Times published a piece describing how numerous Black employees had left Coinbase, with some of them citing racist attitudes among their coworkers.
In the past few months, Coinbase appears to have been laying groundwork for its IPO with a series of boardroom shuffles. The most recent of these involved adding Cisco CFO Kelly Kramer to its board and elevating the veteran Silicon Valley investor Marc Andreessen to full board member status.
