Crypto exchange Coinbase set for landmark NASDAQ listing on April 14

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The U.S. Securities and Exchange Commission has given the green light to Coinbase Global Inc’s application, setting the stage for a direct listing this month.

Coinbase Global is the biggest U.S. cryptocurrency exchange. The SEC approval is a milestone for cryptocurrency advocates who have piled into blockchain-related assets such as bitcoin (BTC).

Coinbase made the announcement in a blog post on April 2. The listing will take place on NASDAQ under the symbol “COIN” on April 14. The NASDAQ direct listing had earlier been pushed back from March, reports said.

Target: 115 million shares of Class A stock

In a regulatory filing last month, Coinbase said its stock in the private market traded at a weighted average price of $343.58 in the first three months of the current year, an almost 13-fold increase in its market cap to around $68 billion in just a few months.

No shares are sold in advance in a direct listing, as is the case with an initial public offering. The company’s share price is determined by the volume of orders being made in the stock exchange.

Coinbase has said it seeks to register almost 115 million shares of Class A common stock, which usually means it has more benefits in terms of dividends, voting rights, and other aspects.

First major NASDAQ listing

More recently, institutional investors have begun to join the crypto bandwagon, and traditional lenders have also started to adopt digital currency, which previously was considered too speculative and unstable.

Coinbase is worth around $90 billion in its final week of trading on NASDAQ’s private market, according to Bloomberg News. The debut marks the first high-profile direct listing to take place on the New York-based stock exchange.

With bitcoin — the world’s most popular digital asset — rising around 800% in the past 12 months and a growing community of companies and trading platforms emerging around it, Coinbase has climbed in value as a proxy for the wider crypto-economy.

Image courtesy of Roger Brown/Pexels

Jet Encila

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Jet Encila

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