And as bitcoin's value has skyrocketed, so has Coinbase's fortune.
In just the first three months of this year alone, Coinbase predicts it took in more than $1.8 billion in revenues....that's more business than it did all of last year.
And unlike many companies making stock market debuts - this one is profitable.
Coinbase said it had an estimated quarterly profit between $730 million and $800 million.
But that close correlation to bitcoin is also a risk.
In bitcoin’s brief history - it has had huge swings to the downside.
And that’s not the only potential headache facing Coinbase: Any potential regulatory crackdown of the new asset is a risk… And so is the prospect of competition from old-guard Wall Street firms who may make a move on Coinbase’s turf.
But judging from the stock’s opening day surge, those are risks Coinbase's new investors are willing to take – as they hope the milestone creates the kind of publicity that sends crypto-trading into a new orbit.
Brian Brooks, incoming CEO of crypto exchange Binance.US, tells CNN’s Julia Chatterley that “at a certain point, finance will have migrated out of the analog age and into the digital age.” He weighs in on Dogecoin, Coinbase, and regulation.
Equity benchmark indices traded flat during early hours on April 15 amid an interplay of resurgence in COVID-19 cases and the pace of vaccination. Investors tracked updates on the vaccines approval and prediction of a normal monsoon season across the country despite mixed global cues. At 10:15 am, the BSE S and P Sensex was down by 204 points or 0.42 per cent at 48,340 while the Nifty 50 edged lower by 40 points or 0.28 per cent to 14,465. Nifty metal rose by 1.5 per cent and pharma by 1.1 per cent. But all other sectoral indices at the National Stock Exchange were in the red. Among stocks, IT software major Infosys dropped by 3.6 per cent to Rs 1,344.40 per share after reporting a 2.3 per cent sequential decline in consolidated profit at Rs 5,076 crore for the quarter ended March. Traders booked profit even as the company board approved a buyback of equity shares through open market route amounting to Rs 9,200 crore at a price not exceeding Rs 1,750 a share, Grasim lost by 3.2 per cent, Eicher Motors by 3.1 per cent, Mahindra and Mahindra by 2.8 per cent, Maruti Suzuki by 1.7 per cent and Bajaj Finance by 1 per cent. However, pharma major Cipla rose by 3.3 per cent to Rs 914.70 per share. The other prominent gainers were Sun Pharma, Dr Reddy's, Hindalco, Tata Steel, Wipro and Adani Ports. Meanwhile, Asian shares were on the backfoot following mixed cues from Wall Street where a sharp sell-off in the largest bitcoin exchange Coinbase hit tech shares.
Tesla posted record quarterly profits, as its adjusted earnings reached the $1 billion mark for the first time. The sale of bitcoin contributed to almost a quarter of Tesla’s profitability. CNN’s Clare Sebastian reports.
ADP Chief Economist Nela Richardson discusses the latest jobs report and what it signals for the economy. Plus, Drunk Elephant Founder Tiffany Masterson on the skin care company’s cult following amid the pandemic. And Goldman Sachs’ Ashish Shah weighs in on the bond market.
About a dozen Goldman Sachs junior analysts say they are working more than 95 hours a week on average, sleeping just five hours a night and enduring workplace abuse according to a workplace survey. Paul R. La Monica reports.
A Goldman Sachs report shows Black American women hold 90% less wealth than White American men. As a result of the data, Goldman Sachs is investing $10 billion to change those disparities. CNN’s Poppy Harlow and Goldman Sachs Asset Management Global Head of Sustainability & Impact Margaret Anadu discuss how this will impact the Black community.
A deadly Tesla crash in Texas raised questions about Tesla’s Autopilot feature. Now, Consumer Reports has released a video showing how someone might trick the Autopilot system to operate without a driver.