Coinbase delays direct listing to April

Coinbase Screen

Coinbase has pushed back its highly anticipated direct listing to April. No reason was given for the delay, but the biggest US cryptocurrency exchange is now aiming to go public next month.

This, after its plans for a direct listing this month have slipped.

These details arrive via people familiar with the matter who asked not to be identified. But the buzz among the bees is that the SEC has been reviewing the San Francisco based company’s plans for a direct listing — an alternative to a traditional initial public offering.

In a direct listing, investors can begin selling their holdings as soon as the company starts trading rather than waiting for the expiration of a lockup period that typically lasts up to six months in an IPO.

The filing shows that Coinbase shares have changed hands anywhere from $200 to $375.01 in private transactions this year. In fact, the volume weighted price per share for transactions from January through March 15 was $343.58.

This gives Coinbase a public market valuation of about $67.6 billion based on the total number of outstanding shares. The fully diluted value, which includes employee incentive plans and restricted stock units, would be significantly higher.

Coinbase officially announced its plans to go public on Nasdaq in January.

The crypto firm put up as many as 114.9 million shares to be registered this past week. These Coinbase Class A shares are set to make their debut on the Nasdaq Global Select Market under the ticker COIN.

According to the latest financial statement, the company is making money. Coinbase swung from a loss to a profit of $322 million last year on net revenue that more than doubled to $1.14 billion. This sets it apart from many other startups when they make their public debut.

We’ll just have to wait till April, then.


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