Cryptocurrency Exchange, Coinbase, Hires Goldman Sachs for IPO Plans
San Francisco-based cryptocurrency exchange Coinbase has hired Goldman Sachs Group to lead the preparations for its stock market listing, reported Reuters, citing a person familiar with the matter.
Coinbase revealed that it has confidentially applied with the US Securities and Exchange Commission (SEC) to go public.
As we reported, a cryptocurrency company to list on the stock market is huge news for the industry. Messari valued the company at $28 billion following this announcement, raised from the $8 billion valuations it got during its last funding round.
Coinbase has been rumored to go public for a long time now, and it started making plans for the listing in July.
Founded in 2012 by CEO and board director Brian Armstrong and board director Fred Ehrsam, Coinbase has raised $525 million to date.
Coinbase’s filing comes after multiple startups, including Airbnb, DoorDash, Wish, Roblox, and Affirm, have filed to go public or have already gone public this year.
The crypto market is in full bull mode, with Bitcoin hitting yet another all-time high yesterday above $24,000. Armstrong wrote in a blog post cautioning newcomers to cryptocurrency,
“While it's great to see market rallies and see news organizations turn attention to this emerging asset class in a new way, we cannot emphasize enough how important it is to understand that investing in crypto is not without risk.”