Bitcoin exchange Coinbase Inc. is believed to have booked $1 billion in revenue in 2017, arguably justifying the faith of investors who made it the first “bitcoin unicorn” back in August.
Recode, quoting “industry sources,” makes the claim in a report that also suggests that as recently as September, the company only expected to book $600 million in revenue for the year. But that figure apparently surged thanks to last year’s bitcoin mania.
As a result, the report said, Coinbase’s value likely doubled since its $100 million fundraising in August, which was on a $1.6 billion valuation. That made it a unicorn, or startup worth more than $1 billion.
What’s more, according to the report, wannabe investors are desperately trying to buy private stock in the company. Venture capitalists and brokers are asking existing investors whether they would consider selling their Coinbase shares, which the company doesn’t allow. Investors in Coinbase include Institutional Ventures Partners, Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates.