Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Cryptocurrency platform Coinbase just confidentially filed paperwork to go public as Bitcoin hits record high

Cryptocurrency platform Coinbase just confidentially filed paperwork to go public as Bitcoin hits record high

The platform is widely used to buy, sell, and store cryptocurrency, which has hit record highs in recent days.
The major cryptocurrency platform Coinbase confidentially filed IPO paperwork to the Securities and Exchange Commission, the company announced Thursday, officially setting off the process to go public in the future.

The company has been preparing for an initial public offering since July, according to Reuters. Coinbase would be the first major US Cryptocurrency exchange to go public.

Coinbase was founded in 2012 by current CEO and board director Brian Armstrong and board director Fred Ehrsam. The company has raised $525 million to date and was last valued at $8 billion, according to Pitchbook.

The news comes as Bitcoin hits record highs, with a price of $23,770.85 on Thursday, and it's bolstered the price of other cryptocurrencies. Coinbase's filing comes after a string of other IPOs and IPO filings. Multiple startups, including DoorDash, Airbnb, Affirm, Roblox, and Wish, have filed to go public or gone public this year.

Amid the crypto surge, Armstrong cautioned newcomers to cryptocurrency in a blog post published Wednesday.

"While it's great to see market rallies and see news organizations turn attention to this emerging asset class in a new way, we cannot emphasize enough how important it is to understand that investing in crypto is not without risk," he wrote.

In recent months, the CEO has also faced backlash from employees in recent months over company policies. In June, Armstrong declined to say "Black Lives Matter" in a meeting, deeming the statement "divisive."

And in September, Armstrong told employees that he wanted the company to be "laser-focused" on its mission to expand access to Cryptocurrencies and implied that activism was a distraction in the workplace.

In the wake of the memo, 60 employees, about 5% of the startup's workforce, voluntarily resigned from the company.

And in November, former employees, who are Black, told The New York Times that they were "tokenized" at work. Some said they were subject to racist comments. Others told The Times that white employees were promoted over Black workers, despite having less experience.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×