Coinbase to Go Public on Nasdaq Under the Ticker ‘COIN’ in Less Than Two Weeks
Coinbase Global Inc. has finally revealed the date that it is making its trading debut on Nasdaq under the ticker “COIN” — April 14.
In less than two weeks, the largest US cryptocurrency exchange is planning to go public now that the company's registration for the listing has been declared effective by the US Securities and Exchange Commission (SEC), Coinbase said Thursday in a statement.
“We’re happy to announce that earlier today, the SEC declared our S-1 registration statement effective and that we expect our direct listing to occur on April 14, 2021, with our Class A common stock.”
The direct listing on the Nasdaq Stock Market was first expected to be in March but was then pushed back.
As with other direct listings, a reference price to help guide investors and for the shares to begin trading will be disclosed the night before Coinbase goes public, reported Bloomberg citing people familiar with the matter.
During its final week of trading on Nasdaq’s private market, the cryptocurrency exchange was valued at about $90 billion.
According to Coinbase competitor Kraken CEO Jesse Powell, the valuation is “very reasonable right now, and they can go much higher” because crypto is the future of finance that will one day replace traditional finance.
Until now, the crypto space has been private, and Coinbase listing will provide an idea of how the public markets would value it, he said. Kraken itself is gearing up for its public listing next year.
Last month, federal regulator, the Commodity Futures Trading Commission (CFTC), reached a $6.5 million settlement with Coinbase for reporting inaccurate data about transactions and a former employee engaging in improper trades.