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Author Topic: [For Sale] Shares in coinbase.com  (Read 9182 times)
piuk
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March 24, 2013, 09:29:43 PM
 #1

Selling a small amount of non-voting common stock in Coinbase Inc. aka coinbase.com.

PM me for more details.

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wisard
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March 24, 2013, 09:54:56 PM
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PM sent requesting more details. Thanks.

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March 24, 2013, 09:56:16 PM
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PM sent
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For Science


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March 24, 2013, 10:16:15 PM
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Pm sent
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March 24, 2013, 11:59:30 PM
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How about ya just put the details here

Successful transactions: http://pastebin.com/GM27Ju59
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March 25, 2013, 12:50:56 AM
 #6

This has theymos/GLBSE written all over it.

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March 25, 2013, 02:53:28 AM
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pm sent

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piuk
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March 25, 2013, 02:50:10 PM
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This has theymos/GLBSE written all over it.

Just to be clear I am not affiliated with Coinbase Inc and have no insider knowledge nor am I aware of any negative news regarding the company.


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March 25, 2013, 09:13:48 PM
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This has theymos/GLBSE written all over it.

Just to be clear I am not affiliated with Coinbase Inc and have no insider knowledge nor am I aware of any negative news regarding the company.

10 million shares have been issued of which 200,000 represents 2%. Looking for offers over $20k. As far as I'm aware no accounts are available yet but as a shareholder you would be entitled to view them and are also entitled to dividends although none have been issued as yet.



Thanks. I see value in coinbase. I like its existing angel investor list too.

However, one thing should be clarified:

Coinbase has raised money from ycombinator, fundersclub and private investors.
While the ycombinator deal would have meant issuance of 10 million shares, I believe the fundersclub deal and the private investors deal would be done using convertible notes.
So the number of total shares will be a lot more than 10 million when these notes convert. 200,000 shares won't represent 2% of the company.

(My estimate is it will represent 0.25% to 0.5% of the company. But thats just an educated guess. And I could be off by as much as a decimal point.)

I had sent an email to Brian yesterday asking for more details on convertible note valuation caps but have yet to hear back from him. I will make my offer once I hear from him. (If you think you can connect both of us for maybe a faster response, please do.) Thank you.

Buy me a beer or 2 if you enjoy my posts. BTC address: 1976Nb5u1T2haoxSZnJgHaemHYYtgKmTsU
piuk
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March 25, 2013, 09:32:17 PM
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While the ycombinator deal would have meant issuance of 10 million shares, I believe the fundersclub deal and the private investors deal would be done using convertible notes.
So the number of total shares will be a lot more than 10 million when these notes convert. 200,000 shares won't represent 2% of the company.

Yes you are correct, almost certainly some notes have been issued. Brian may be willing to clarify this.

I don't really understand you Americans and your convertible notes. But what % of equity the notes will convert at depends on the valuation determined in the companies second round of funding. If a company has issued $600k convertible equity and the second seed round is valued at $6m those notes can be converted to 10% equity. I don't they they would dilute the 200k holding to as low as 0.25% but there will be some dilution.

http://dl.dropbox.com/u/58484379/Division%20of%20Corporations%20-%20General%20Information%20-%20Entity%20Details.pdf

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March 25, 2013, 11:03:58 PM
 #11

I don't understand, if you are not affiliated with Coinbase, then how do you have 200,000 shares? Also, I didn't think you could sell shares to non-accredited investors. I realize that with bitcoin stock exchanges all the rules went out the door, but with a conventional American company, I don't think it's possible/legal to just sell shares to anyone before the company goes public.
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March 25, 2013, 11:22:22 PM
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I don't think it's possible/legal to just sell shares to anyone before the company goes public.

Sure you can.
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March 26, 2013, 12:06:39 AM
 #13

what is the reason why you are selling?

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March 26, 2013, 12:17:44 AM
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Can somebody please post the registered company name coinbase is trading under any any accounts previously filed with the IRS?

I'm from the UK it's pretty easy to get that info on UK companies, I don't understand how the American systems work.


Without the accounts with profit / loss, Turnover, Order book, and existing shares issued it is impossible to value the company, If you can't value the company you can't value the shares. Due dilligence and all that, I can't work on a share price based on the OP's vague posts regarding 10m shares, no disrespect intended I just need more information.







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piuk
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March 26, 2013, 01:51:39 AM
 #15

I don't understand, if you are not affiliated with Coinbase, then how do you have 200,000 shares?

The shares were retained from a partner disagreement at the start of YCombinator.

what is the reason why you are selling?

Personal Reasons, no reflection on the company itself.

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March 26, 2013, 03:18:34 AM
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Can somebody please post the registered company name coinbase is trading under any any accounts previously filed with the IRS?

I'm from the UK it's pretty easy to get that info on UK companies, I don't understand how the American systems work.


Without the accounts with profit / loss, Turnover, Order book, and existing shares issued it is impossible to value the company, If you can't value the company you can't value the shares. Due dilligence and all that, I can't work on a share price based on the OP's vague posts regarding 10m shares, no disrespect intended I just need more information.

The company is coinbase, inc (a Delaware Corporation).  However the company is privately held.  None of that information is public record.  I am pretty sure there are private companies in the UK as well.  Unless a company is publicly traded it is not required to disclose financial reports (and almost never do) outside of confidential owner reports/memorandums.

Simple version: you won't find the info you are looking for in any public record.  In 3-5 years if coinbase goes public it will then have an IPO, register with the SEC as a registered security, and be required to file quarterly, and annual reports.
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March 26, 2013, 03:19:48 AM
 #17

I don't understand, if you are not affiliated with Coinbase, then how do you have 200,000 shares?

The shares were retained from a partner disagreement at the start of YCombinator.

There is no restrictive legend on the shares (unusual for unregistered securities)?  Do you have a copy of the company bylaws?  Is there any restriction on selling to outsider?  Do existing owners have first right of refusal?  Can existing owners block the sale?  Have you discussed the intent to sell with existing owners?

I am potentially interested however would like to avoid as many roadblocks as possible.  If you don't know the answers to the above it is almost certain you are going to need to find out to entertain any kind of serious bid. 
faisalp
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March 26, 2013, 01:10:24 PM
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as per PM $20k offer
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March 29, 2013, 03:56:20 AM
 #19

piuk, a very good source of mine says these shares are subject to a coinbase ROFR?  is this true?
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March 29, 2013, 06:56:44 AM
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Can somebody please post the registered company name coinbase is trading under any any accounts previously filed with the IRS?

I'm from the UK it's pretty easy to get that info on UK companies, I don't understand how the American systems work.


Without the accounts with profit / loss, Turnover, Order book, and existing shares issued it is impossible to value the company, If you can't value the company you can't value the shares. Due dilligence and all that, I can't work on a share price based on the OP's vague posts regarding 10m shares, no disrespect intended I just need more information.


+1. due diligence is the way to go.

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