Cryptocurrency exchange giant, Coinbase is willing to resell 114.9 million of its class A stock with the SEC after filing a prospectus, Bloomberg reports.
Coinbase is currently valued at $90 billion. However, the latest reports from Bloomberg indicates that the company owned by Brian Armstrong and Fred Ehrsam is willing to let go of almost 115 million units of its class A common stock.
This move will come ahead of Coinbase’s direct listing on the NASDAQ, which will occur later in the day. The crypto exchange is making waves for the second time in the space of 30 days after they registered 114,850,769 shares for a public offering on March 17. However, this move was met with different reactions from traders.
Will Coinbase Get The Traders Attention?
Since it was established in 2012, Coinbase has taken the crypto exchange market by storm, with their shares under the COIN ticker set to be sold at $250 after the direct listing on the NASDAQ later today.
Traders might be taking their chances on acquiring shares from one of the biggest cryptocurrency exchange companies. Their records in the market also speak for them. The fact that Binance also plans to list stock tokens for COIN will ensure traders invest in the tokenized shares when it’s listed out for reselling.