Coinbase last year posted net income of $322 million. The largest shareholder of the American exchange turned out to be the venture capital firm Andreessen Horowitz. This follows from the S-1 filing, [simple_tooltip content=’The process of taking a company public in which existing shares, not new shares, are sold.’]direct listing[/simple_tooltip], approved by the U.S. Securities and Exchange Commission in recent days.
According to the document, Andreessen Horowitz has more than 5.5 million Class A shares. If Coinbase’s shares trade at $395, the company’s stake would be worth $2.17 billion.
CEO Brian Armstrong owns 2.8 million Class A shares. He also holds a certain amount of Class B shares.
Co-founder Fred Ehrsam owns 2.6 million Class A shares, roughly the same amount as Paradigm, the hedge fund he leads.
Stakes are also held by former Google senior executive Surojit Chatterjee, former Facebook vice president Paul Grewal and Katie Haun, who heads Andreessen Horowitz’s crypto arm.
The list also includes Fred Wilson — co-founder of Union Square Ventures, which invested in Coinbase in 2013.
In 2018, Armstrong and Ehrsam sold a total of 226,219 Class B common shares to accredited investors at $32.57 apiece. The total value of the deal was about $7.4 million.
ForkLog previously reported that the estimated market capitalization of Coinbase surpassed $100 billion.
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