Coinbase Officially Files to go Public on NASDAQ Via Direct Listing

The leading US-based cryptocurrency exchange, Coinbase, has officially filed to go public on NASDAQ through a direct listing with the US Securities and Exchange Commission (SEC) on Thursday.

In the filing, Coinbase noted that it will list its Class A common stock on the NASDAQ Global Select Market under the symbol “COIN.” 

Goldman Sachs, J.P. Morgan Securities LLC, Allen & Company LLC, and Citigroup Global Markets Inc., have also been chosen by NASDAQ as financial advisors.

Ever since its launch in 2012, Coinbase has worked its way up to the position that it is currently holding. The leading cryptocurrency exchange said that it has about $90 billion worth of digital assets on its platform. 

Coinbase has more than 43 million retail users, 7,000 institutions, and 115,000 ecosystem partners scattered across 100 countries in the world who actively participate in the cryptoeconomy, an accessible, efficient, and transparent financial system that leverages crypto assets.

The cryptocurrency exchange is currently valued at more than $8 billion following a $300 million Series E funding round held in 2018, which was led by the American hedge fund firm, Tiger Global Management.

Coinfomania reported earlier in December 2020, about the draft registration statement on Form S-1 which Coinbase had filed with the SEC.

This filing could inarguably be one of the largest direct listings on the multinational financial services corporation, NASDAQ, and it will further help to project the cryptocurrency industry to the world.

Bitcoin On The Move Following Coinbase Filing

Interestingly, the top cryptocurrency, bitcoin, has been on the move just a few minutes after the news of Coinbase’s direct listing on NASDAQ broke.

Bitcoin is currently trading above $50,000 and is quickly rising after the crypto industry witnessed a massive correction of the asset’s price a few days ago.

Cryptocurrencies are well on their way to mainstream adoption seeing as several large institutional investors and financial services providers are joining the trend.