Coinbase has finally filed with the Securities and Exchange Commission (SEC) of the United States to go public through a direct listing on the New York-based stock exchange, NASDAQ and its ticker would be COIN. This event is a groundbreaking feat for the entire crypto industry as many industry players had hailed the development when news first broke out of the exchange’s intention to go public.
Coinbase to be Directly Listed on NASDAQ
The leading crypto exchange had first announced its decision to go public last year December. The firm also went on to state that it was not going to go through the traditional initial public offering (IPO) format; instead, it was going to be publicly listed on NASDAQ directly. If Coinbase had gone public through the IPO format, it would have needed to create and underwrite new shares before the public gets a chance at it.
However, by using a direct listing method, all of its shares would be in the market for public trading. One interesting point to note about its current filing with the SEC is that the firm also mentioned Satoshi Nakamoto, the anonymous founder of Bitcoin, as a designated recipient of the document.
In recent times, Coinbase has been able to cement its position as one of the leading crypto exchanges in the world. Per the information released to regulators in the US, the exchange says it has 48 million verified users on its platform and close to 3 million of them are monthly active users. The exchange was also able to generate approximately $322 million in profits for last year alone.