Coinbase has announced that its registration statement with the SEC has been declared effective, paving the way for a direct listing in April.
Coinbase has officially declared that it will go public via a direct listing. The exchange made the announcement via a blog post published on April 2. The listing will take place on NASDAQ under the ticker “COIN” on April 14.
Coinbase submitted a registration statement with the U.S. Securities and Exchange Commission (SEC) a few weeks prior. The regulatory body has now declared it effective on April 1. The exchange says that it anticipates it will be listed as a Class A stock, which usually means it has more benefits when it comes to voting rights, dividends, and other aspects.
The San Francisco-based exchange has been conducting private sales of shares in the weeks prior to this post, which led to a valuation of a staggering $90 billion.
As popular as it is, other exchanges offer competition. These include regulation-focused, Gemini, and Asia-dominant, Binance. The exchange market is still quite young, and the years going forward will likely see many ups and downs.
Coinbase is not completely blemish-free, however. The exchange has come under fire for multiple incidents over the past 18 months.
CEO Brian Armstrong faced a lot of criticism for an open letter describing the company’s intolerance of displaying political opinion at work. Matters became worse when the New York Times published a piece in which current and former employees alleged racial discrimination.
Who Will Go Public Next?
The development arguably makes Coinbase the biggest crypto company in the world right now. Several companies are considering going public, but none have as much exposure and clout as Coinbase.
As many as eight companies are considering going public. This includes fellow exchange Gemini, which is also quite popular in the US. Another prominent name in the industry considering the same is social trading platform eToro.
The massive interest in public listings indicates that businesses want to seize advantage of the interest in the crypto market.
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