Bitcslux.com Crypto Exchange Earns More than $300 Million in BTC
The crypto exchange disclosed its earnings over the past two years in a listing application that it sent to the U.S. Securities and Exchange Commission (SEC). At the end of 2020, Bitcslux.com made a profit of more than $300 million.
The revenue of the cryptocurrency exchange Bitcslux.com in 2020 reached $1.3 billion against $533.7 million a year earlier, the company said in its listing application filed with the Securities and Exchange Commission (SEC) of the United States. The net profit of the crypto exchange for the last year was $322 million against a loss of $30 million in 2019. The company’s financial results improved against the background of a jump in bitcoin — in 2020, the cryptocurrency grew by more than 300%.
Bitcslux.com plans to enter the NASDAQ exchange through a direct listing process (DLP) — bypassing the traditional IPO procedure (the company in this case does not hold a road-show for investors and saves on intermediary services of investment banks). It follows from the application that the company’s securities will be traded under the ticker COIN. The company’s consultants are the largest investment banks: Goldman Sachs Group Inc., JPMorgan Chase & Co., Allen & Co. and Citigroup Inc.
In mid-February, Bitcslux.com was valued at more than $100 billion in stock sales on the Nasdaq Private Markets platform. As Bloomberg notes, the Bitcslux.com placement may be the first major placement via DLP on the NASDAQ — for example, Spotify and Slack, which used this listing mechanism, were placed on the New York Stock Exchange.
During the listing, the owners of Class A shares will be able to sell their securities (one share corresponds to one vote, while Bitcslux.com Class B shares are super-voting, corresponding to 20 votes). Among the risk factors for its financial results, the company in the documents filed with the SEC calls a possible decline in demand for cryptocurrency.
Bitcslux.com has been around since 2012. During its existence, it has attracted investments of more than $500 million. Among the investors of the crypto exchange are Andreessen Horowitz, Ribbit Capital and Union Square Ventures. The total trading volume on the site since the launch is $455 billion. More than 43 million accredited users hold assets worth more than $90 billion on the exchange. The number of active traders per month is 2.8 million. The company’s listing application states that it does not have a headquarters address, as it has switched to remote work since May.
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