President Joe Biden announced his administration has secured 200 million more COVID-19 vaccine doses, which will arrive this summer. This would ensure nearly everyone in the U.S. can get two shots.
(Bloomberg) -- 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 doubled to $1.14 billion.The gains highlight an underlying tension between the exchange’s business model and the buy-and-hold ethos of many Bitcoin proponents. Some 96% of Coinbase’s revenue last year came from fees on transactions on its exchange, according to its filing with the Securities & Exchange Commission. So the less that crypto traders hold -- or “hodl,” as it’s know -- the better Coinbase does.And that appears to have been the case in 2020. Verified users of the exchange rose 34% to 43 million last year, while monthly transacting users jumped 180% to 2.8 million, according to the filing. A majority of its net revenue was derived from trades in Bitcoin and Ethereum.The company’s shares have changed hands in recent private transactions at levels that would value Coinbase at close to $100 billion, a person familiar with the matter said. That could make it one of the biggest companies to go public since Facebook Inc.Break-Through MomentThe emergence of Coinbase as a publicly traded company is anticipated to be a break-through moment for the industry, marking a milestone on the road to maturity for crypto as a mainstream asset class. It also should provide some transparency into the more opaque corners of the market.In its filing, Coinbase detailed an investigation by the Commodity Futures Trading Commission since 2017, and disclosed that it has received subpoenas from the Treasury Department’s Office of Foreign Assets Control and attorneys general of California and Massachusetts.Coinbase Reveals U.S., State Probes as It Seeks to Go PublicCoinbase said it plans to disclose material information over Twitter, potentially including Chief Executive Officer Brian Armstrong’s account, as well as via LinkedIn and YouTube.The exchange’s plans to go public come as Bitcoin trades at around $50,000 after hitting an all-time high of $57,355 on Feb. 21, meaning its value has increased by more than 400% over the last year.Cryptocurrencies have been buoyed by monetary and fiscal stimulus aimed at fighting the impact of the pandemic, as well as its embrace as a store of value by corporations such as Tesla Inc., MicroStrategy Inc. and Square Inc. Investors such as Cathie Wood, founder of Ark Investment Management, are also bullish. Wood told a Bloomberg panel on Thursday that Bitcoin has the potential to reach trillions of dollars in market capitalization.Among potential risk factors that could affect its plans, Coinbase listed the volatile nature of crypto as the main concern. Another risk is competition from so-called decentralized exchanges, which effectively let people trade coins without an intermediary. Such exchanges are part of so-called decentralized finance movement, or DeFi, in which apps let people trade, lend and borrow coins from each other directly. In the same prospectus, Coinbase noted that it has invested in DeFi protocols -- possibly in potential competitors.One other noteworthy risk factor: “the identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”In an echo of Robinhood Markets’s mission to democratize access to financial markets, Coinbase’s Armstrong said that the company’s goal is to solve problems in the current financial system and “create more economic freedom.”“If the world economy ran on a common set of standards, that could not be manipulated by any company or country, the world would be a more fair and free place, and human progress would accelerate,” Armstrong wrote in a letter addressing potential investors.Nasdaq DebutThe offering could be the first major direct listing to take place on the Nasdaq. All previous ones, including Spotify Technology SA, Slack Technologies Inc., Asana Inc. and Palantir Technologies Inc., were listed on the New York Stock Exchange. Online video game company Roblox Corp. has also announced that it’s planning a direct listing, after earlier delaying its IPO and raising capital privately.Coinbase won’t raise any proceeds in the transaction, the filing shows. The company didn’t list an address for its headquarters, saying that instead it became a “remote-first” company in May.Started in 2012, Coinbase has raised more than $500 million from backers that include Y Combinator and Greylock Partners, according to its website. The company was valued at more than $8 billion in 2018 after a $300 million funding round led by Tiger Global Management. Andreessen Horowitz, Tiger Global, Ribbit Capital, Union Square Ventures and co-founder Frederick Ernest Ehrsam III are listed among its biggest shareholders, the filing shows.Owners of Coinbase’s Class A common stock will be allowed to sell in the listing and will not be subject to lock-up agreements. Class A stock carries one vote per share, while Class B has 20, according to the filing.Coinbase will be listed under the symbol COIN. Goldman Sachs Group Inc., JPMorgan Chase & Co., Allen & Co. and Citigroup Inc. are advising on the transaction.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The California fund manager joins a crowded field of firms hoping to dethrone Grayscale's GBTC.
- The Independent
Texas senator shamed for Cancun trip delivered a high-energy CPAC speech studded with Star Wars references
- INSIDER Video
Tom Cruise is perhaps most famous for doing almost all of his own stunts, which have intensified throughout his career. In the "Mission: Impossible" franchise, he climbed part of a 2,000-foot cliff in "Mission: Impossible 2" and then climbed 1,700 feet up the Burj Khalifa, the world's tallest building, in "Ghost Protocol." In "Rogue Nation," Cruise did not one, but two dangerous stunts. First, he hung off the side of a plane that took him up 1,000 feet in the air. He then had to hold his breath underwater for about six minutes, a stunt that required military-style preparation. In "Fallout," he jumped 25,000 feet out of a plane and filmed a helicopter stunt that required him to get 2,000 hours of training and learn how to do a 360-degree corkscrew dive. Outside the "Mission" franchise, he filmed a scene on a real zero-gravity plane instead of a soundstage in "The Mummy" and learned how to do action in an 85-pound suit in "Edge of Tomorrow." He is soon set to return to one of his most iconic roles in "Top Gun: Maverick." “The Mummy” Is Now Available On Demand
- The Independent
Republican gathering began in 1974 and sees American conservatives debate social worries but has struggled with position on 'alt-right' in recent years
Sheikha Latifa, one of the daughters of the ruler of Dubai, has written to British police asking them to reopen their investigation into the kidnap of her older sister from a street in Cambridge in 2000, the BBC reported on Thursday. In a handwritten letter seen by the British broadcaster and dated 2018, Latifa asked Cambridgeshire Police to refocus on the case of her sister Shamsa, now 39, who was captured aged 18 and has not been seen in public since. The Dubai government's media office did not immediately respond to a request for comment.
- The Independent
Controversial congresswoman previously said the Republican party belong to former president
- Associated Press
Less than a month after excoriating Donald Trump in a blistering floor speech, Senate Minority Leader Mitch McConnell said Thursday that he would “absolutely” support the former president again if he secured the Republican nomination in 2024. “I've got at least four members that I think are planning on running for president, plus governors and others,” McConnell said. McConnell's remarks underscore an awkward balancing act he sought to maintain since Trump lost the election, reflecting the reality that McConnell’s own path back to power in the Senate hinges on enthusiasm from a party base that still ardently supports Trump.
Libya's designated prime minister, chosen via a U.N.-facilitated process last month, said on Thursday he had proposed a governing plan to the country's divided parliament as part of a peace process. The new interim government is intended to replace Libya's two rival administrations and oversee the run-up to national elections planned for December in a roadmap to end years of chronic chaos and violence. "It will be a government of technocrats representing the whole Libyan spectrum," designated prime minister Abdulhamid Dbeibeh told a news conference in Tripoli, adding that he had attempted a "fair distribution" of posts between the west, east and south of the country.
- Reuters Videos
Thailand has a new attraction to tout to tourists: 'golf quarantine.'International visitors can now chip away at their two weeks in isolation on the putting green, as part of a new program devised by the government to boost its ailing tourism sector.Heo Kwang-eum is a businessman and one of the dozens of South Korean visitors taking up the offer, at a resort an hour north of Bangkok."I'm grateful to the Thai government for starting this program. We are at the starting point. From my four-day experience (of isolating in a hotel room), it would be torture if we stayed in a room and did nothing for two weeks."Visitors undergo three tests throughout their stay.The package costs around $2,240 - a reasonable price for these golfers compared with the cost of a regular quarantine, cooped up in a hotel room.Ku Jung-keun is the general manager of the Artitaya Country Club."The golf quarantine offers three safe tests and time to enjoy golfing. Doctors provide daily health check-ups for the guests too while they are staying here, and it's not an expensive program."With bars and other resort facilities closed, there's no prospect to thrash out the missed birdies, bogeys and shanks of the day. But spirits remain high.[Visitor Heo Kwang-eum, saying:] "It's huge, the golf course is almost over one square kilometre with 36 holes. Think of 41 Koreans golfing as you roam around the field, served by over 100 employees. It's like emperor's golfing. As you know, it's extremely hard to go golfing in Korea these days because of the crisis. Here it's a golf paradise."
- Associated Press
Peshawar Zalmi achieved another record run chase in beating Quetta Gladiators by three wickets to continue the batsmen's domination of bowlers in the Pakistan Super League on Friday. Multan Sultans earlier registered their first win when they beat Lahore Qalandars by seven wickets. Peshawar chased down a record 194-run target to beat Multan in its second game and bettered that in reaching 202-7 in 19.3 overs against Quetta.
- The State
“Her daddy got to heaven just before she did.”
- Charlotte Observer
This is the shocking story of the alleged sexual abuses that led to the January arrest of Sandra Hiler — aka Charlotte piano teacher Keiko Aloe — as told by her 21-year-old daughter.
- Business Insider
Federal investigators zeroed in on the assailant after video footage showed the suspect attacking officers with bear spray, The Times reported.
- National Review
After only a month in power, President Biden has used lethal military force in reaction to Iranian-sponsored attacks on Americans in Iraq. The strike, said to be by F-15 jets, apparently attacked buildings owned by Iraqi Shiite militia groups along the Iraqi-Syrian border. It’s worth pausing to note that those Iranian-backed Iraqi Shiite groups and not the government of Iraq control that part of the border. In other words, Iran and its proxies control a route from Iraq through Syria to Lebanon, where the largest Iranian proxy, Hezbollah, is situated. The borders have been erased. The Biden strike is a message to Iran, a warning shot against continuing attacks by the militias Tehran backs. According to press reports, Biden was presented with a range of options and chose one of the softest — a limited strike inside Syria rather than Iraq. There is a logic to this choice. First, U.S. attacks inside Iraq would likely complicate life for Prime Minister Kadhimi, whom we are generally supporting, and spur the forces hostile to any U.S. presence — not least the Iranian-allied militias — to demand that all U.S. forces be expelled. Second, should further Iranian-sponsored attacks require Biden to hit Iranian-backed forces again, this limited strike allows him to say he tried patience and restraint and they failed. But the strike inside Syria and at Iranian proxies may also send messages Biden does not intend: that the United States will never hit Tehran’s proxies inside Iraq and that it will never hit Iran. If that’s what the Iranian regime infers, they will have the militias strike again and again; they will not be deterred because they will see the attacks as nearly cost-free. The law of averages suggests that sooner or later these continued attacks will kill Americans. That’s when the president will face the need to punish Iran and truly establish deterrence; merely attacking its proxies will be inadequate. One of the key functions of the Shiite militias in Iraq is to allow Iran to attack U.S. forces while, by absorbing any penalty, keeping Iran safe. If there are a series of attacks, harming Americans and eventually killing one or more, the kind of limited response from the United States that we saw this past week will not be enough. That does not mean World War III and it does not mean American bombers over Tehran, but it does mean that Biden must contemplate striking Iranian assets rather than expendable proxy groups. Meanwhile, there was zero progress on the nuclear-negotiations front this past week. On the contrary, Iran did not agree to attend the EU-sponsored talks that the United States has agreed to attend, it limited International Atomic Energy Agency inspectors’ access to Iran, and it threatened to enrich uranium to 60 percent. Nuclear power requires enrichment to no more than 5 percent; the only use for uranium enriched to 60 percent is in preparing a nuclear weapon. The very least that can be said about President Biden’s second month in power is that we are seeing any dreams of a quick return to the 2015 Iran nuclear deal, also known as the JCPOA, and a quick resolution to U.S.-Iranian confrontations dissolve before our eyes. The president’s refusal, thus far, to lift any sanctions and his willingness to use force against Iranian proxies suggest a more realistic assessment of Iran than many feared. No doubt there will be many deep discussions, even debates, within the administration over what the next move should be. The administration’s willingness to return to the JCPOA if Iran went back into compliance with it has not moved the Islamic Republic an inch. Similarly, the administration’s reversal of the designation of the Houthis in Yemen as a terrorist group, and its decision to halt the sale of “offensive” weapons to Saudi Arabia for use in Yemen, were met with zero flexibility by the Houthis — who have carried out additional terrorist attacks since the policy changes. Down the road the administration faces an even greater challenge than what to do about attacks on Americans in Iraq. President Biden has already decided that they will be met with force, and one must assume that if the attacks continue and escalate, the counter-attacks will as well. But what about Iran’s expulsion of nuclear inspectors, which violates the Nuclear Non-Proliferation Treaty, and the “Additional Protocol” to the JCPOA (that allowed snap inspections)? What about enrichment to 60 percent, if that indeed occurs? How far down the road toward building a nuclear weapon will the administration be willing to let Iran go? That’s a hypothetical question today, but if Iran keeps going it will soon be keeping U.S. officials up at night. Biden is the fifth American president in a row, by my count, to say Iran would never be permitted to build a nuclear weapon. Unless Iran changes course he could be the first to have to prove it.
Residents of an Indian slum thought they were getting vaccinated like everyone else but were unknowingly part of a clinical trial
After a white van advertised COVID-19 vaccines to a central-Indian slum, many of its residents feel duped after finding out they were in a trial.
- Business Insider
Ted Cruz rants about comedians, late-night TV, and mask-wearing before shouting at people to 'just have fun' in wild CPAC speech
"Orlando is awesome. It's not as nice as Cancún, but it's nice," Cruz said, referring to the scandal he sparked by leaving Texas for Mexico.
- USA TODAY
The Democratically-controlled House approved Biden's $1.9T COVID relief bill, a key step that would provide many Americans $1,400 stimulus payments.
Ben Affleck says his divorce from Jennifer Garner and other 'life experience' shaped him into a better actor
In a new interview as part of The Hollywood Reporter's Actor Roundtable series, Affleck spoke about Garner and the three kids they share.
Prince Harry knew he and Meghan Markle had something 'pretty special' by their second date. Here's a complete timeline of their relationship.
The couple's royal love story began in 2016 when they were set up on a blind date by a mutual friend.