Breaking down Coinbase's S-1 filing and what it means for the bitcoin market

Thursday morning, Coinbase's S-1 filing went public, revealing for the first time details about its financials, cap table, and its pitch to the investment world ahead of a planned direct listing on Nasdaq.
In this episode of The Scoop, The Block's director of news Frank Chaparro and director of research Larry Cermak unpack the S-1 filing's headline-grabbing sections and the broader implications of Coinbase's plan on the broader bitcoin market. 
Coinbase has been preparing to go public for several months. For the past several weeks, the firm's shares have been changing hands on Nasdaq Private Market, with the most recent secondary shares clearing at an average of $373 — implying a valuation of $100 billion. 
In this episode of The Scoop, Chaparro and Cermak explore Coinbase's revenues, how the firm's institutional business has surged in lockstep with bitcoin's price run-up, and how Coinbase's position as a public company will impact the firm and wider market.