When was the last time you highly anticipated the debut of something?
I’ll tell you mine: it was 2002, and the Rolling Stones were doing an arena, stadium, and local venue international tour. Tickets went on sale for a 2,000 room venue in New York City, and after hours of waiting in line, I was one of the lucky few who got a ticket.
The Coinbase IPO (ticker COIN) is set to debut on April 14th. And it is said to be the most anticipated IPOs of 2021.
What makes it so special?
It’s the only crypto exchange to go public.
Given the meteoric rise of crypto and blockchain technology, it makes sense the demand is high.
Coinbase generates revenue by charging transaction fees every time its users buy or sell a cryptocurrency on its platform. It also makes money from things like margin fees, custodial services, and a rewards credit card program. The company’s platform enables approximately 56 million retail users, 7,000 institutions, and 115,000 ecosystem partners to participate in the crypto economy.
In fact, our TrackStarIQ data indicates Coinbase has shown remarkable interest lately.
Coinbase had a blowout of a year revenue-wise. Filings suggest the company’s revenues were up 139% from 2019 to $1.14B for fiscal year 2020. Adjusted EBITDA was what piqued everyone’s interest: it grew more than 2,000% to $527M. What’s more, their Q1 was even more impressive: Revenue surged to $1.8 billion, Net income also skyrocketed and is expected to be somewhere between $730 million to $800 million, which will represent an increase of nearly 2,300% from the midpoint range.
It may seem like Coinbase is the only news this week, but there’s a lot more to look forward to: bank earnings are on the horizon which kicks off Q2 earnings season, we have retail sales and a whole host of economic numbers being reported. Here’s your outlook for the week:
Earnings:
4/12/2021: APHA, CAN, TC, BHTG, MIND, SLP
4/13/2021: FAST
4/14/2021: BBBY, BFI, FRC, GS, HOFT, INFY, JPM, LOVE, PT, WFC
4/15/2021: BAC, BLK, C, CNTG, DAL, EURN, HOMB, KRKR, PEP, PGR, RAD, SCHW, TFC, TSM, UFAB, UK, UNH, USB, WIT, AA, DPW, JBHT, KSPN, MRTN, PPG, SGBX, WA
4/16/2021: ALLY, BK, CFG, EH, KSU, MS, PNC, STT
IPOs:
4/14/21: ALKT + COIN
4/15/21: AGL, APP, KRT, TSP
Speakers:
4/11/21: US Fed Chief Powell appears on television program ’60 Minutes’ (timing tentative)
4/12/21: TBD US President Biden meets with semiconductor industry experts, company CEOs
Economic:
4/12/21: Survey of Consumer Expectations, US Treasury’s 2 Year Note Auction, US Treasury’s 6 monthly bill auction, US monthly budget statement
4/13/21: Real Average Hourly Earnings, US Redbook Retail Sales, US Treasury’s 4 and 8 Week Bill Announcement, US Treasury’s 30 Year Bond Auction, API Crude Oil/Gasoline/Distillate Inventories
4/14/21: US MBA Mortgage Applications, US Mar Import Price Index; Import Price Index Ex-Petroleum; Export Price Index, DoE Crude Oil/Gasoline/Distillate Inventories, US Fed Beige Book.
4/15/21: ADP Non-Farm Employment Change, Continuing/Initial Jobless Claims, US Mar Advance Retail Sales; Retail Sales Ex-Auto; Retail Sales Ex-Auto & Gas; US Apr NAHB Housing Market Index
4/16/21: US Mar Housing Starts, US Mar Building Permits, US Apr Preliminary U of Michigan Sentiment; U of Michigan Current Conditions; U of Michigan Expectations; U of Michigan 1 Year Inflation; U of Michigan 5-10 Year Inflation