On Wednesday, Nasdaq made history as the largest firm specializing in cryptocurrencies to make its first stock market debut through a direct listing on Coinbase.
The shares of the San Francisco-based cryptocurrency exchange, which are now trading under the Mark COIN ticker, opened for$ 381 apiece, giving the company a valuation of about$ 99.5 billion.
A direct listing allows a company to go public without issuing new shares and raising capital. The process allows current investors to start trading shares once they are in the exchange.
Here is a FOX Business roundup of some of Coinbase's earliest individual investors and firms who backed the company on its journey to become one of the most anticipated IPOs of 2021.
Andreessen Horowitz has been the largest backer of Coinbase since its inception, with the firm's co-founders and general partners Marc Andreessen and Kathryn Haun both currently serving on the board of directors of the cryptocurrency exchange operator Coinbase. In 2018, the firm was part of a group of investors who contributed to a$ 300 million Series E capital round.
According to an SEC filing, Brian Armstrong owns 5,516, 037 Class A shares and 23,961, 498, the largest individual shareholder behind the CEO and co-founder Marc Andreessen, who has 2,753, 924 Class B shares and 36,851, 833 Class B shares.
Andreesen notably backed many start-ups including Netscape, a 1990 computer services company known best for its Web browser Navigator, which opened up the Internet to millions of people. He also sits on the board of directors of Facebook; Andreesen Horowitz and its entities own more than 5% of the cash in Coinbase.
CRPYTO IPO, FIRST: WHAT TO KNOW?
Fred Wilson, a partner at the venture capital firm Union Square Ventures, has been a member of the Board of Coinbase since January 2017.
Wilson co-led the Coinbase Series A financing round in 2013, which raised$ 5 million.
Union Square Ventures was also part of a group of investors who raised$ 75 million for Coinbase during its Series C funding round which raised$ 75 million. Entities affiliated with Wilson Own 13,902, 324 of Class B shares, while Union Square Ventures himself owns 13,902, 324 Class B shares.
Fred Ehrsam III, co-founder and managing partner of the crypto-focused investment firm Paradigm, is the co-founder of Coinbase.
As of November 2019, Coinbase owns more than 5% of the common stock in the Class A. Paradigm Fund L.P. Entities affiliated with Paradigm own 2,570, 459 Class A shares and Ehrsam owns 2,570, 459 Class B shares and 15,114, 503 Class B shares.
Ehrsam's alma mater, Coinbase, reportedly also made an early investment in Duke University through its Endowment Fund.
Nasir Jones, or Nas as he is referred to, is the founder of the Queensbridge venture partners.
According to Coindesk, Nas' company made an investment during the Series B funding round in 2013 when the company raised$ 25 million and a source told the outlet that he still remains on the company's cap table, a list of all investors. Questions from FOX Business to Queensbridge were not immediately returned.
GET FOX BUSINESS ON THE GO BY CLICKING HERE.
Previously CEOs of Citigroup and Thomson Reuters, Vikram Pandit and Tom Glocer respectively made personal investments during the coinbase Series C funding round.
He told the Wall Street Journal that he was attracted to Coinbase because he saw it as a better way to invest than directly in cryptocurrencies like bitcoin.
They are supplying the tools that you need to take part in the developing world of bitcoin Glocer told the outlet at the time.
We are seeing the return of the financial services in a very interesting way. Glocer confirmed to FOX Business that he is still a stakeholder at Coinbase today.
According to Coindesk, Pandit also praised the first Coinbase site in 2014.
It can be a wallet for bitcoin, but could be a wallet for bitcoin.
It could be bitdollar', it could be 'biteuro' is not significant, said Pandit. What's the beauty of this company? They can transfer money anywhere around the world free, at zero cost. So it is a payment system, where this payment system is cost-free compared to other payment systems which are costly. Pandit did not immediately return FOX Business' request for comment.
CLICK HERE TO READ MORE ON FOX BUSINESS.
In 2013, the firm behind the investments platform Coinbase and Robinhood joined the Ribbit Capital Series A funding round back in 2013.
According to the SEC filing, Coinbaise owns at least 5% of Ribbit Capital shares. In total, the Ribbit Group owns 11,995, 949 Class B shares. Coinbase led the Series E round of$ 300 million by Tiger Global Management.
According to the SEC filing, the company owns 2,624, 880 class A shares and is among firms which own more than 5% of the Company's capital stock.