The crypto exchange from San Francisco will now list its shares on Nasdaq, a report from The Block states.
After many months of speculation, San Francisco based crypto exchange Coinbase lately announced plans to go public through a direct listing.
And now, The Block reported that the company will list its shares on Nasdaq from now on. However, Coinbase did not confirm the report yet. Coinbase discreetly filed a draft of its registration with the US Securities and Exchange Commission (SEC) back in December 2020, and the direct listing was officially announced last week. Not similar to an IPO, a direct listing doesn’t involve creating new shares.
The Block had also reported that Coinbase had launched a secondary market for private shares with Nasdaq’s Private Market Service, which has already indicated a valuation of around $50 billion.
Under the patronage of CEO Brian Armstrong, Coinbase has been growing into one of the most dominant crypto companies worldwide. Now it has raised over $500 million from investors like Andreessen Horowitz and Polychain.
In addition to its retail brokerage, Coinbase also promotes institutional services; the deals it has coordinated with the software company MicroStrategy from last year may have contributed to a surge in Bitcoin price.
Nasdaq is a worldwide electronic marketplace for purchasing and selling securities. It was created by the National Association of Securities Dealers (NASD) to allow investors to trade securities through a computerized, quick, and transparent system and started operations on February 8, 1971. The term “Nasdaq” is also used to refer to the Nasdaq exchange that included the world’s pioneer technology and tech giants like Amazon, Apple, Google, Intel, Microsoft, and Oracle.
Coinbase is the first crypto exchange to go public in the United States.
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