April 15, 2021 For crypto fans, Coinbase’s $86 billion IPO is a stamp of validation for bitcoin and the nascent world of digital assets. Coinbase’s bottom line is poised to be a major beneficiary of that optimism. The eight-year-old crypto exchange didn’t raise any money through the direct listing, which is fine for Coinbase because it has more than $1 billion on its balance sheet. Instead of cash, the listing provided a new stamp of approval: The largest US trading venue for digital assets will have audited financials and undergo greater scrutiny from investors and regulators, providing a new level of transparency into a company that is a key part of the $2 trillion crypto market.