The largest US cryptocurrency exchange, Coinbase, has filed with US regulators to go public, as digital currencies continue to gain broader acceptance by mainstream financial institutions.
According to a filing with the US Securities and Exchange Commission on Thursday, Coinbase plans to become a publicly traded company via direct listing, rather than raising proceeds prior to the transaction. Instead, early investors and Coinbase insiders would be allowed to convert their company stakes into publicly traded stock.
Coinbase shares are expected to be listed on the Nasdaq under the ticker symbol “COIN,” and are the first major direct listing of its kind. However, the company did not reveal when its shares would listed on the exchange, nor did it disclose the price at which the stock has been trading at in private markets. The digital currency exchange was first created in 2012, and has since raised over US$500 million, and in 2018 was valued at more than US$8 billion. The company’s revenue soared to $1.14 billion last year, with a profit of over $322.3 million.
The adaptation of digital currencies has been rising as of late, with major financial institutions including PayPal, BNY Mellon, and Mastercard all promising to allow some form of cryptocurrency transactions. Bitcoin, the largest cryptocurrency in the world, has been soaring to new record levels recently, but continues to remain in volatile territory.
Information for this briefing was found via the SEC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.