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Exec Pay: Coinbase CEO Earned $60M In 2020

The popular cryptocurrency exchange Coinbase recently released its S-1 filing to the SEC in preparation for a public offering that's expected to come soon, with the S-1 filing providing a peek into its financials and operational stats with information not publicly known before. The core information to have been revealed by Coinbase's S-1 filing is that the company is very profitable, posting a net income of $322 million on $1.28 billion in revenue in 2020. The popular crypto exchange swung from a $30 million loss in the previous year 2019 and grew its annual revenue from $533.7 million to $1.28 billion over the year. Among the noteworthy disclosures to have come from Coinbase's S-1 filing is that the company's founder and CEO Brian Armstrong pulled in a big compensation package of nearly $60 million in 2020, precisely $59.5 million.  Brian Armstrong's $59.5 million pay package consisted of a base salary of $1 million, stock options awards of $56.7 million, and $1.

Crypto Company Coinbase Unveils S-1 Filing For Direct Listing

After confidentially filing for a public offering in December, the popular cryptocurrency exchange Coinbase has now unveiled its S-1 filing  with the US SEC to the public, giving a peek into the company's financials and operational information not publicly known before. Coinbase's S-1 filing shows $1.28 billion in revenue in 2020, more than double its $533.7 million revenue in 2019. The crypto exchange is very profitable with a net income of $322.3 million in 2020, compared to a $30.4 million loss in 2019. With its just-revealed financial stats, it should then be no surprise that investors were recently reported to have driven up the market value of Coinbase, which was valued at $8 billion from its last formal financing round, to over $100 billion in a private market share sale ahead of the company's listing. As it is, technology stocks have been hot as of late and generally seen great favor from public market investors. The crypto markets have been even hotter, with Bitc

Payments Company Square Buys More Bitcoin, Draws Big Gains

Just after the electric carmaker Tesla revealed a purchase of a whopping $1.5 billion worth of bitcoin , another publicly-traded company has seemingly followed suit, this time the Jack Dorsey-led payments company Square (NYSE:SQ) with a $170 million purchase of 3,318 bitcoins that supplements a previous $50 million purchase of the same cryptocurrency. With its newly bought bitcoin haul added to its previous, Square now holds approximately 5% of its entire cash and short-term investments in the popular cryptocurrency. In a statement, Square pitched cryptocurrencies as "an instrument of economic empowerment" as a rationale for betting big on the area. For most companies that are buying bitcoin, Square may be the least surprising as it's a payments company that draws a significant percentage of its revenue by facilitating the trading of bitcoins on its widely-used Cash App. For context, Square just posted its financial results for the full 2020 and declared $4.57 billion in

Tesla Makes Big Bet Of $1.5B On Bitcoin

The Elon Musk-led electric car giant Tesla is the latest major company to buy a huge amount of the world's most popular cryptocurrency, Bitcoin. It's purchased a whopping $1.5 billion worth of bitcoin, as indicated by a filing  to the US Securities and Exchange Commission (SEC). As it's made a big bet on bitcoin, Tesla has also said that it expects to begin accepting bitcoin as a payment option for its products "in the near future", but noted regulatory uncertainties in that area. Tesla's $1.5 billion bitcoin purchase perhaps represents the biggest-ever bitcoin purchase by a global publicly-traded company. It isn't that surprising given that the electric carmaker's CEO, Elon Musk, has been a major promoter of bitcoin and a few other cryptocurrencies. Tesla didn't disclose the price at which it purchased its big bitcoin haul for. With its purchase, the electric carmaker joins a few other publicly-traded companies and institutional investors that ha

Coinbase To Hold Direct Listing

In December, the popular cryptocurrency exchange Coinbase confirmed that it had confidentially filed for a public listing with the US Securities and Exchange Commission (SEC). Now in a new announcement , the company has said that it'll hold a direct listing, meaning it'll sell shares directly to the public without getting help from intermediary banks. Coinbase's move to hold a direct listing comes just a few weeks after the New York Stock Exchange (NYSE) approved a plan to let companies raise capital through direct listings . As of now, only a few tech companies have taken the path of direct listings, such as Palantir, Slack, and Spotify. Coinbase is one of the most prominent tech IPOs expected this year. Founded in 2012, it's made its mark as the biggest cryptocurrency exchange in the US and one of the biggest globally. With a confidential filing already submitted, it's expected that a public S-1 filing will be released soon that'll give a deeper peek into Coi

Coinbase Buys Crypto Startup Bison Trails

Coinbase, the popular cryptocurrency exchange, has confirmed that it's reached a deal to acquire Bison Trails, a startup that provides software infrastructure for blockchain and crypto companies. Bison Trails' platform helps power critical infrastructure for crypto exchanges, custodians, and funds. The financial terms of Coinbase's latest acquisition weren't disclosed. But for a hint, rumors have it that it's Coinbase's biggest-ever acquisition and before now, Coinbase's biggest acquisition was known to be the crypto trading company Tagomi, for a reported $75 million+. Bison Trails is backed by some $31 million in venture funding, with one of its investors being Coinbase. Other notable investors in the company include Initialized Capital, Blockchain Capital, Galaxy Digital, and Kleiner Perkins. Bison Trails was founded in 2018 as a platform to make it easier for crypto companies to power their crypto services and applications. With its infrastructure, cry

Crypto Exchange Gemini Considers Going Public

Gemini is a popular cryptocurrency exchange founded by the Winklevoss brothers who are known to be big Bitcoin holders . It's one of the top-ten cryptocurrency exchanges globally while operating from America. In a recent interview with Bloomberg , the Winklevoss brothers talked about the success of their crypto exchange and among several things noted that they're considering taking Gemini public.  “We are definitely considering it and making sure that we have that option,” Cameron Winklevoss who is Gemini's President said in the interview. “We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.” Gemini is fresh off a very good year (2020) for cryptocurrencies during which the price of Bitcoin and several other cryptocurrencies hit record highs. Bitcoin spiked to roughly $42,000 last week before dropping back to around $37,000 as of today. At a time of high positive investor

ICE's Bakkt To Go Public With SPAC Deal

Bakkt, the cryptocurrency and digital asset platform launched by the American Fortune 500 company Intercontinental Exchange (ICE), is set to go public through a merger with a special purpose acquisition company (SPAC). Bakkt will merge with VPC Impact Acquisition Holdings (NASDAQ: VIH) in a $2.1 billion deal. Through the merger, Bakkt will be handed over more than $500 million in cash, split into $207 million from  VPC Impact Acquisition Holdings and a $325 million concurrent private placement that'll see participation from investors including Bakkt's parent firm ICE. ICE will contribute $50 million to the $325 million private placement. The company, famously known for owning the New York Stock Exchange (NYSE), has been Bakkt's anchor backer since it was formed in 2018. Other investors in the project include  Microsoft's M12, Naspers, Horizons Ventures, and the Boston Consulting Group (BCG). Bakkt is a digital platform for individuals and investors to buy, sell, and sto

PayPal, Coinbase Back Crypto Tax Startup TaxBit

A group of investors including PayPal Ventures, Coinbase Ventures, and Winklevoss Capital have funded a new round for TaxBit, which is a tax automation software for crypto users, exchanges, and merchants. The exact size of the investment isn't disclosed. Before this just- announced funding round, TaxBit is known to have raised around $5.8 million in venture funding. PayPal Ventures and Coinbase Ventures are new investors whereby Winklevoss Capital was already an existing investor. Winklevoss Capital is the eponymous venture firm founded by Tyler and Cameron Winklevoss, the brothers who founded the popular cryptocurrency exchange Gemini. TaxBit provides software to automate the regulatory hurdle of tax compliance for cryptocurrency adopters. It provides its service to individuals, merchants, and enterprises. TaxBit is based in Salt Lake City in Utah.  "This investment will help us achieve our aim of being the most innovative and trustworthy provider of cryptocurrency tax techn

NFL Star Takes Salary In Bitcoin

Russell Okung, an American football player for the NFL team Carolina Panthers, has become the first major athlete in the US to take payments in Bitcoin, with half of his $13 million annual haul now agreed to be paid with the cryptocurrency, as revealed by NFL sportswriter Ian Rapoport and then confirmed by Okung himself. Half of Okung's $13 million annual pay translates to $6.5 million and will be converted to bitcoin with Strike, a crypto payments app made by a startup named Zap.  Okung has for quite long been a promoter of cryptocurrency, particularly Bitcoin, with tweets dating back months ago in support of the digital currency. Now, he's becoming the first major sports athlete known to take payments with the currency.  Okung's move to begin accepting payments in bitcoin adds to a series of achievements and promotions for the cryptocurrency, which has this year surged more than 270% and now trades at an all-time high of over $28,000 for a bitcoin. Okung signed a $53 mi

Coinbase Suspends XRP Trading

The popular cryptocurrency exchange Coinbase has said that it'll suspend trading of the XRP digital currency following a lawsuit brought against its parent company, Ripple , by the US Securities and Exchange Commission (SEC).  Coinbase has limited XRP trading for its users beginning on Monday, the 28th of December 2020, and will fully suspend its trading on the 19th of January, 2020. The company says the trading suspension won't affect customers' access to XRP wallets and custodian services, whereby only trading of the currency between parties will be halted. The company behind XRP, Ripple, is facing a lawsuit from the SEC that asserts that XRP is a security rather than a digital currency and alleges that the company along with its two top executives, CEO Brad Garlinghouse and Chairman Chris Larsen, sold nearly $2 billion worth of XRP without adhering to required securities laws. The lawsuit from the SEC centers on if XRP is to be treated as a security rather than a digita

SEC Brings A Case Against Ripple

The US Securities and Exchange Commission (SEC) has brought a case against the digital asset company Ripple and its two top executives, CEO Brad Garlinghouse and Chairman Chris Larsen, alleging that Ripple conducted unregistered securities sales amounting to $1.3 billion while the two executives together sold $600 million worth of the cryptocurrency XRP unregistered and in violation of securities laws. Ripple's cryptocurrency, XRP, is the third-largest cryptocurrency by market cap globally, after Bitcoin and Ethereum, and Ripple has sold $1.3 billion worth of them to investors. The company has now run into headwinds with the SEC, which is asserting that XRP is a security and not a cryptocurrency given its centralized control by the company behind it. If XRP is taken to be a security, then Ripple will be in violation of US securities laws by offering them to investors without the due registration required for securities and not providing investors with the proper information requir

MicroStrategy Spends $1.1B On Bitcoins

Rounding up a string of big Bitcoin bets made this year, the publicly-traded business intelligence company MicroStrategy has announced that it's spent an additional $650 million to buy bitcoins, summing up its haul this year to more than $1 billion.  This year, MicroStrategy acquired 70,470 bitcoins for an average price of $15,964 and aggregate purchase price of $1.1 billion. It happens that this year has been a very good one for bitcoin, wherein its price has soared to a record $23,910 as of December 21, 2020, making MicroStrategy's 70,470 bitcoins worth nearly $1.8 billion compared to the $1.1 billion it spent to purchase them. MicroStrategy is breaking the mold as one of the first publicly-traded companies to adopt bitcoin as a value-hold, spending more than $1.1 billion on the cryptocurrency this year. The big bet is spearheaded by the company's longtime CEO, Michael Saylor, who himself has also spent big on Bitcoin, holding a self-reported  haul of nearly 18,000 bitc

Coinbase Files Confidentially To Go Public

The popular crypto exchange Coinbase has announced that it's confidentially submitted a draft registration statement for an initial public offering (IPO) with the SEC, paving the way towards a landmark win for the cryptocurrency industry as a result. With a draft statement submitted, an IPO is likely near and would see Coinbase become the first major crypto exchange to be publicly traded. That Coinbase is now looking to go public isn't surprising, given that the eight-year-old company has raised over half a billion dollars in venture funding over the years and was valued at $8 billion from its last financing round. With a stellar year for crypto exchanges that's also seen the popular cryptocurrency Bitcoin hit an all-time high , it seems like a very suitable time for Coinbase to be calling for the public markets. Founded in 2012, Coinbase got in early on the crypto boom and rose to become one of the world's biggest exchanges for cryptocurrency. With its success, the c

Paxos Lands $142M Series C

Paxos, a New York-based startup whose platform facilitates the exchange of digital assets such as cryptocurrencies and commodities, has raised $142 million in Series C funding from a group of investors including PayPal Ventures, Mithril Capital, RRE Ventures, RIT Capital Partners, and Declaration Partners, an investment firm anchored by the billionaire private equity mogul David Rubenstein. With the new round, Paxos has now raised over $240 million in venture funding. The valuation that came with the round isn't disclosed. With a fresh pile of capital, Paxos will work to accelerate its growth and has plans to double the size of its current team. The new funding round for the company notably comes a few months after PayPal began letting its users buy and sell cryptocurrencies with Paxos' technology at the back-end. Save for PayPal, Paxos also works with other banks and fintech companies such as Revolut, Credit Suisse, and Societe Generale. The company claims that over $3.5 trill

MassMutual Bets $100M On Bitcoin

The American insurance giant MassMutual has announced that it's purchased $100 million in Bitcoin for its general investment account, making it one of the first major insurers to bet on the cryptocurrency. MassMutual purchased its Bitcoins with the help of NYDIG, a startup that offers crypto custodian services for firms in which MassMutual also announced that it bought a $5 million minority stake in. MassMutual's $100 million bet on Bitcoin underscores how more traditional financial institutions are testing the waters on digital assets in recent times. It's notable for MassMutual, which was founded back in the 19th century and has made its first cryptocurrency bet in its 169 years of existence. Although the $100 million seems big, it's minute relative to MassMutual's entire general investment account which totals $235 billion. The investment comes in a year that Bitcoin's price has surged over 150% thanks to renewed interest in the world's most popular cryp

MicroStrategy Seeks $400M Bond For Bitcoin

The publicly-traded business intelligence company MicroStrategy has been a prolific promoter and adopter of Bitcoin, having spent over $400 million on the cryptocurrency this September and acquired an additional $50 million worth of Bitcoin this very month.  Now, MicroStrategy is further doubling down, announcing that it's seeking to raise $400 million from the sale of convertible bonds to then invest the proceeds in Bitcoin. A bond sale of that amount to go solely towards a cryptocurrency is something unheard of in the current corporate world, making MicroStrategy and its Bitcoin-fan CEO Michael Saylor a pioneer in the sector. Cryptocurrencies like Bitcoin are usually volatile and thus a risky bet for institutional holders. MicroStrategy is breaking the mold in this case and betting big on Bitcoin, a bet that could pay off significantly or, on the other hand, lead to significant losses. MicroStrategy has already fared fairly well on its recent Bitcoin bet, now holding 40,824 Bi

MicroStrategy Bought $50M More Bitcoin

After previously spending over $400 million on the purchase of Bitcoin and enjoying a decent profit from its recent surge , the publicly-traded business intelligence company MicroStrategy has spent an additional $50 million to buy more Bitcoins, as revealed in a filing to the SEC. With its new purchase, MicroStrategy now holds about 40,824 Bitcoins in total, worth nearly $800 million as calculated with Bitcoin's current rate of 1BTC = $19,147. MicroStrategy is making use of Bitcoin as a store of value just like companies usually invest cash from their balance sheet into securities and stocks, whereas in this case, a publicly-traded company betting big on Bitcoin is a rarity. MicroStrategy has already fared well on its recent Bitcoin bet after the cryptocurrency enjoyed a price surge in recent months. However, cryptocurrency like Bitcoin is known to be volatile and seems like a risky bet for investors with huge sums. MicroStrategy is breaking the mold in this area, being one of th

Facebook's Libra Rebrands To 'Diem Network'

The Facebook-backed digital currency project known as Libra has been bestowed with a new name by the social media giant. It'll now be called the "Diem Network", Diem referring to the Latin word for "day". Now, its digital currency will be referred to as the Diem Dollar. The name change appears to be an attempt by Facebook to distance its digital currency project from controversy and opposition that spurred over time since it was announced in June last year. Since its announcement, politicians and regulators from countries including the US and across the EU have voiced skepticism and in some cases opposition to Facebook's Libra project. The name change by Facebook seems strategic, given that the company is reportedly looking to launch its digital currency in a limited format as early as January 2021.  The new Diem Network has 27 institutional partners and is looking to launch a stablecoin that's tied to the US dollar, whereas in the past, Facebook sought

Facebook's Libra Set For Early 2021 Launch

Facebook's digital currency project Libra is set for launch by as early as January next year but in a limited format, The Financial Times reports , whereas Facebook had earlier scheduled Libra's launch for this year but got delayed by regulatory hassles and pushback. Libra is a blockchain-based payments system that's planned by Facebook to be used globally and as such drawn attention from monetary regulatory authorities across the globe. Many have expressed skepticism including the US Federal Reserve Chair Jerome Powell who has voiced "serious concerns regarding privacy, money laundering, consumer protection and financial stability". Some like France and Germany have voiced outright opposition to Facebook's Libra project, leading the technology giant to delay its proposed launch in order to settle arisen issues.  Under its Libra project, Facebook had planned to release a digital wallet called 'Novi' this very November but now hasn't done so. The c

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Okta Buys Cloud Security Startup Auth0 For $6.5B

A very big new acquisition has happened in the tech industry, with Okta (NASDAQ: OKTA), the publicly-traded cloud identity and access management software provider, announcing an agreement to buy Auth0, a fellow cloud identity software provider, for a price of $6.5 billion to be paid all with shares. A $6.5 billion exit for Auth0 marks a major win for the startup scene in Seattle, the tech hub where Auth0 is based and also a major win for the company's backers and investors. Auth0 last raised venture funding last year in July with a $120 million Series F round that valued the company at $1.9 billion. Now, it's about to sell for more than triple that amount. Auth0 has raised more than $330 million in total venture funding, with investors including the likes of Salesforce Ventures, Bessemer Venture Partners, Telstra Ventures, Sapphire Ventures, and DTCP. Salesforce Ventures led Auth0's most recent $120 million Series F round. With its acquisition of a fellow cloud identity a

Exec Pay: Coinbase CEO Earned $60M In 2020

The popular cryptocurrency exchange Coinbase recently released its S-1 filing to the SEC in preparation for a public offering that's expected to come soon, with the S-1 filing providing a peek into its financials and operational stats with information not publicly known before. The core information to have been revealed by Coinbase's S-1 filing is that the company is very profitable, posting a net income of $322 million on $1.28 billion in revenue in 2020. The popular crypto exchange swung from a $30 million loss in the previous year 2019 and grew its annual revenue from $533.7 million to $1.28 billion over the year. Among the noteworthy disclosures to have come from Coinbase's S-1 filing is that the company's founder and CEO Brian Armstrong pulled in a big compensation package of nearly $60 million in 2020, precisely $59.5 million.  Brian Armstrong's $59.5 million pay package consisted of a base salary of $1 million, stock options awards of $56.7 million, and $1.

Peter Thiel Cashes Out Big From Palantir

After taking his data analytics and mining company, Palantir, public last year, it seems that Peter Thiel is keen on cashing out significantly from his stake in the company after getting an opportunity to do so on the public markets.  Thiel founded and helped build Palantir from the ground up into a data analytics powerhouse with annual sales of over $1 billion.   Palantir stayed as a private company for 17 years before hitting the public markets. According to regulatory filings and records , Peter Thiel has sold over $780 million of Palantir shares since the company began trading on the New York Stock Exchange (NYSE) in September 2020.  Thiel's largest single sale transaction was an offloading of 20 million shares for $504.8 million on the 19th of February, 2020. His second-largest was the sale of 23 million shares in a transaction netting around $236 million on the 30th of September, 2020, which was the very day Palantir began trading on the NYSE. Altogether, Thiel has netted mor

Deal: Twilio Bets $750M On Mobile Comms Provider Syniverse

Twilio, the publicly-traded cloud communications company, has sought to strategically team up with an old-guard provider of mobile and wireless communications technology named Syniverse, with a formal business partnership just  announced between both parties that'll see Twilio invest up to $750 million for a minority stake in Syniverse under its terms. Twilio has agreed to invest up to $750 million in cash for a minority stake in Syniverse, buying the stake from the company's current owner which is the private equity firm Carlyle Group. The partnership between Twilio and Syniverse will see both companies enter into a major business partnership that entails a wholesale agreement whereby Syniverse will process, route and deliver application-to-person (A2P) messages originating and/or terminating between Twilio’s customers and mobile network operators. On Syniverse's end of the deal, the company is getting a business boost by providing services for Twilio which is one of the

American Drone Maker Skydio Raises $170M, Valued At $1B+

Skydio, an American startup that makes autonomous drones, has closed a new funding round of $170 million that values it above $1 billion. The round was led by the famous venture capital firm Andreessen Horowitz, with participation from existing backers Next47, IVP, and Linse Capital, plus a new investor UP.Partners. Andreessen Horowitz led the new Series D round for Skydio from its Growth Fund, and with it, Skydio has now raised a total of over $340 million in external funding and then with a $1 billion+ valuation that makes it the highest-valued drone startup in the US. It seems that Skydio has drawn wide investor attraction after the US government placed China's DJI on a blacklist last year. DJI made its mark as the biggest drone maker globally and the largest in the US market but got placed on a government Entity List last year that barred American companies from supplying it with components. The blacklist was instituted by the former Trump administration due to alleged ties to

IPO Chatter: Hot Cybersecurity Startup SentinelOne

The latest company to get into the center of chatters and rumors of an imminent public listing is SentinelOne , a Mountain View-based cybersecurity startup that's made a mark as one of the hottest of its kind with investor attraction. SentinelOne is preparing for a soon public listing that could value it at more than $10 billion and has begun interviewing banks for potential roles in its public listing, according to a report from Bloomberg . It's said that SentinelOne could list even as soon as this very year. SentinelOne is part of a cohort of technology startups that have brought artificial intelligence to the field of cybersecurity, using AI to detect and protect companies from cybersecurity threats and breaches. The company has roots in Israel, a major cybersecurity hub, and was founded in 2013. SentinelOne has been a hot startup for venture backers, drawing around $700 million in private funding of which a majority was raised just in the past two years. The Mountain View

Carmaker Volvo To Go Fully Electric By 2030

The latest global automaker to commit to transitioning to a fully-electric production output in the future is Swedish carmaker Volvo, which has announced plans to become a fully electric car company by 2030. By then, the company says it intends to have phased out any car in its portfolio with an internal combustion engine, including hybrids, and transition to producing fully electric cars. The announcement of Volvo's grand plan comes a year after the company launched its first fully electric car, the XC40 Recharge , around the globe, and with just one fully electric car in its product portfolio now, it's apparent that the automaker would need to put in hard work to achieve a fully-electric portfolio in nine years time. To work towards its goal, Volvo has announced that it'll roll out 'several' additional electric car models in the coming years, the word several making the number indistinct. The Swedish automaker is aiming for fully electric cars to make up half of

Velodyne Lidar's Founder Ousted, Fights Back

Velodyne Lidar, the leading maker of lidars for autonomous vehicles in the US, is in the midst of a leadership tussle that's seen its founder and biggest shareholder David Hall pushed out from his position of Chairman at the company along with his wife Marta Hall who held the position of Chief Marketing Officer at Velodyne. David and Marta Hall were pushed out from Velodyne after a board investigation that brought accusations of the couple behaving "inappropriately" and acting without "respect, honesty, integrity and candor” when interacting with other officers and directors at Velodyne as claimed by the company's board. As they were pushed out, Velodyne named a new Chairman and another new board director. In response to his ouster, Velodyne founder David Hall put out a press statement  accusing his company of staging a "boardroom ambush" to reprimand him and his wife "based on an opaque, secret investigation into baseless, unfounded claims".

2020: DraftKings Reports Strong Revenue Growth

DraftKings, a popular sports betting site in the US, has reported its earnings results for what's its first fiscal year as a publicly-traded company after going public through a merger with a special-purpose acquisition company (SPAC) last year. It reported $322 million in 2020 revenue, up 98% from the previous year. DraftKings' annual revenue soared high in 2020 compared to the past year as it capitalized on a stronger betting market spurred by the legalization of online sports betting in more American states for growth. The company also did well getting new customers in existing legalized sports betting markets in the US. For example, the state of Tennessee formally legalized mobile and online sports betting on the 1st of November, 2020 and saw DraftKings immediately swoop into the market. In just the first two months operating in the state, DraftKings processed over $300 million in bets, its earnings report noted. In 2021, DraftKings held successful launches in the states of

Smart TV Maker Vizio Files To Go Public

Vizio, a well-known maker of smart TVs and other complementary equipment such as soundbars, has filed an S-1 with the US Securities and Exchange Commission (SEC) for a public listing, seeking to do so for the second time after having previously filed to go public in 2015 but later withdrew its plan in lieu of a $2 billion sale agreement to a Chinese company that unfortunately didn't pan out. The market for technology IPOs has been very hot as of late and it seems that Vizio is coming in at the right time to capitalize on that hotness. A popular maker of smart TVs, Vizio has sold over 80 million TVs and 11 million soundbars since the company's inception, as indicated in its S-1 filing. The company sold 7.1 million TVs in 2020 alone. Vizio has strong revenues and is profitable, reporting $102 million in net income on over $2 billion in revenue in 2020. In the previous year, 2019, Vizio reported a net income of $23 million on $1.8 billion in revenue. Most of Vizio's revenue c