Showtime! The US Securities and Exchange Commission has greenlighted the Coinbase initial public offering via a direct listing on Nasdaq. The IPO is set to debut in two weeks.
Coinbase announced that the SEC has declared its registration statement relating to its IPO effective.
The crypto exchange anticipates that its Class A common stock will begin trading on the Nasdaq Global Select Market under the ticker symbol COIN on April 14, 2021.
It will provide financial update on before that, on April 6, after the close of trading.
You may recall that the IPO was pushed back from March following enforcement action by the CFTF, which is the US Commodity Futures Trading Commission. The derivatives watchdog fined the crypto exchange operator $6.5 million for reckless, false, misleading, or inaccurate reporting and wash trading.
Coinbase was valued at about $90 billion in its final week of trading on the Nasdaq private market.
The American cryptocurrency trading and software company is about to make its public debut at an interesting market moment. While some tech firms delay their offerings over demand concerns, Coinbase is pushing ahead with its floatation.
Perhaps, the fact that it will not price its debut in the traditional sense, due to the direct listing. This will allow it to forgo raising capital at a specific price point, and instead merely begin to trade with a reference price attached.
The company said it plans to register nearly 115 million shares.
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