The investment fund has long supported Coinbase and therefore owns a stake in the platform’s capital already. Probably, the FTC permission was issued for a previously announced transaction or a new deal prior to buying an additional block of shares.
The investment fund Andreessen Horowitz (a16z) has received approval from the USFTC for a deal with the Coinbase cryptocurrency exchange – information about this appeared on the agency’s website. It is not known whether we are talking about the approval of an earlier purchase made by the fund or a new deal with shares.
Coinbase’s capitalization exceeds $ 8 billion, which is half of the value of all assets under the management of a16z (about $16.6B). Therefore, it is highly unlikely that the approval of the antitrust authority concerns the direct purchase of a cryptoexchange.
Note that Andreessen Horowitz has been actively supporting Coinbase for a long time. The last investment in Coinbase a16z made in October 2018. The fund took part in the Series E investment round, during which the exchange managed to raise $ 300 million and increase its capitalization to the above $ 8 billion. The fund’s first investments were in Series B funding when a16z led the investment round and helped the exchange attract $ 25 million from investors.
In late August, a16z co-founder Marc Andreessen joined Coinbase’s board of directors instead of his partner Chris Dixon.
Since a16z appears to have a fairly large stake in Coinbase already, the FTC clearance probably concerns a pre-publicized deal.
We will remind, earlier in the media there was information that Coinbase is going to enter the American stock market using the direct listing procedure (DPO). The latter assumes that the company will not issue new shares for the placement – the securities of existing shareholders will enter the market.