Coinbase Files Modified Prospectus with the SEC for the Resale of Up to 114.9 Million Shares

Cryptocurrency exchange Coinbase has filed an amended prospectus for its public offering to take a direct listing route with the US Securities and Exchange Commission (SEC).

The revised S-1/A form published on Wednesday states the resale of up to 114.9 million shares of Class A common stock for an estimated maximum price of just over $943 million. The numbers could change based on the pricing of the shares at the time of offering.

Unlike an initial public offering (IPO), the resale by the registered stockholders is not being underwritten by an investment bank.

The company has two classes of common stock, Class A and Class B, which are identical except with respect to origin and conversion rights.

Coinbase S1

The much-anticipated public offering would take place on the Nasdaq Global Select Market under the ticker “COIN.”

With a valuation of about $100 billion, the company is expected to go public by the end of this month, which the crypto market sees as a bullish event.

Last month, when the San Francisco-based company first shared the prospectus, it revealed a net revenue of $1.14 billion for 2020. The financial details also revealed that the company has 43 million verified users and held $90.3 billion worth of assets.

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