Coinbase made history on Wednesday as the largest firm specializing in cryptos to make its debut through a direct listing on Nasdaq through a listing on the stock market.
The shares of the San Francisco-based cryptocurrency exchange, which are now trading under the COIN ticker, open for$ 381 apiece, giving the company a valuation of around$ 99.5 billion.
A direct listing allows a company to go public without issuing new shares or raising capital. The process allows the current investors to begin trading shares once they have finished selling them on the exchange.
Here is a FOX Business roundup of some of Coinbase's earliest individual investors and companies who backed the company on its journey to become one of the most highly anticipated IPOs of 2021.
From its inception, the venture capital firm Andreessen Horowitz has been the largest backer of Coinbase, with the firm's co-founders and general partners Kathryn Haun both currently serving on the board of directors of the cryptocurrency exchange operator Coinbase. In 2018, the company was part of a group of investors that contributed to a$ 300 million Series E equity financing round.
According to an SEC filing, Brian Armstrong owns 5,516, 037 Class A shares and 23,961, 498, the largest shareholder behind the company's CEO and co-founder Marc Andreessen, who has 2,753, 924 Class A shares and 36,851, 833 Class B shares.
Andreesen has notably backed many start-ups including Netscape, a 1990 computer services company best known for its Web browser Navigator, which introduced 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 outstanding securities of Coinbase.
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Fred Wilson, a partner at the venture capital firm Coinbase Ventures, has been a member of the Board of Coinbase since January 2017.
Wilson co-led the 2013 Coinbase Series A funding round which raised$ 5 million.
Coinbase was also part of a group of investors that raised$ 75 million for Union Square Ventures during its Series C investment round, which raised$ 75 million. Entities affiliated with Union Square Ventures own 13,902, 324 Class B shares, while Wilson himself owns 13,902, 324 Class B shares.
Fred Ehrsam III, co-founder and managing partner of the crypto-focused investment company Paradigm is co-founder of Coinbase.
As of November 2019, Coinbase owns more than 5% of the outstanding Class A shares of 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, Duke University, also reportedly made an early investment in Coinbase through its Endowment Fund.
Nasir Jones or Nas as he is referred to is the founder of Queensbridge Venture Partners.
According to Coindesk, Nas' firm 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. After an initial inquiry into Queensbridge, FOX Business was not immediately returned.
GET FOX BUSINESS ON THE GO BY CLICKING HERE Past CEOs of Citigroup and Thomson Reuters, Vikram Pandit and Tom Glocer both made personal investments during the Series C funding round of Coinbase.
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 you need to take part in the developing world of bitcoin Glocer told the outlet at the time.
We are seeing the reinvention of financial services in a very interesting way.
Glocer confirms to FOX Business that he is still a stakeholder in Coinbase today. According to Pandit, Coinbase first praised Pandit in 2014.
It's a wallet for bitcoin, but could be a wallet for 'bityen'.
It could be 'bitdollar', it could be 'biteuro' does not matter, Pandit said.
What is the beauty of this company? They can transfer money anywhere around the world, freely at zero cost. Also it is a payment system, where this payment system is cost-effective versus other payment systems, which are expensive. Pandit did not immediately return FOX Business's request for comment. CLICK HERE TO READ MORE ON FOX BUSINESS.
In 2013, Robinhood, the company behind the investment platform Ribbit Capital, joined Coinbase's Series A funding round back in 2013.
According to the SEC filing, Coinbaise holds at least 5% of the Ribbit Capital shares.
In total, entities affiliated with Ribbit own 11,995, 949 Class B shares. Coinbase's Series E funding round led by Tiger Global Management to$ 300 million. According to the SEC filing, the company owns 2,624, 880 Class A shares and is among firms that own more than 5% of Coinbase's capital stock.