Los Angeles (CoinChapter) – Major crypto exchange Coinbase anticipates going public in the United States on April 14. It is expected to trade on the Nasdaq Global Select Market under the ticker symbol “COIN.”
Coinbase can proceed with its direct stock listing after the U.S. Securities and Exchange Commission (SEC). Approved the crypto exchange’s S-1 registration for a public offering.
Coinbase registered for a registration to the SEC last December. Although it hadn’t revealed intentions to pursue a listing on Nasdaq until early 2021.
Coinbase previously planned to go public in March but took a step back to deal with other matters. The exchange had to pay a $6.5 million fee as part of a settlement with the Community Futures Trading Commission (CFTC).
Coinbase was said to have an implied $68 billion valuation at the time of its initial public offering (IPO). The exchange’s shares reportedly sold for an average of $344 in a private auction last month.
While private market value is not usually indicative of a company’s share worth. The Nasdaq will use that figure to set a reference price ahead of Coinbase’s direct listing.
The SEC’s approval is a huge milestone for crypto investors that have been waiting for digital assets to become mainstream. Only recently have institutional investors and traditional banks begun to embrace cryptocurrencies.
Since its launch in 2012, Coinbase has established itself as one of the leading crypto exchanges. The company claims to have over 43 million users spanning 100 countries. According to CoinMarketCap, Coinbase Pro has handled more than $3 billion in daily transactions.
Kraken unsure if it will follow Coinbase with public offering
Another major U.S.-based crypto exchange, Kraken, is unsure if it will follow Coinbase with a public offering. The company has raised millions of dollars in funding rounds and reportedly is seeking a valuation of $20 million.
The earliest it would appear that Kraken can go public in the U.S. is 2022.