Cryptocurrencies have been garnering a lot of attention across the globe. Exchanges like Coinbase, Binance, Bitfinex, and several others have been trying to keep up with the ongoing demand in the existing market.
Amidst this increase in the demand for crypto, prominent San Francisco-based exchange, Coinbase revealed that it was going public with a direct listing. More recently, the exchange announced that it had managed to secure permission from the Securities and Exchange Commission [SEC] of the United States and is all set to make a debut on the Nasdaq Global Select Market in the coming week.
Coinbase was subject to a lot of commotion following the constant glitches in its platform, particularly during peak volatility periods. Despite this, the platform took a plunge into going public. While the platform initially revealed that it would go public with an initial public offering [IPO], it then decided to do a direct listing.
Coinbase Scheduled To Go Public On April 14
In a recent blog post, the cryptocurrency exchange revealed that the SEC had given the platform an all-clear for the registration statement on Form S-1 with regard to its direct listing. The platform is all set to start trading its Class A common stock under the ticker symbol “COIN” on the Nasdaq Global Select Market. Users would be able to do so starting from 14 April 2021.
The announcement read,
“Coinbase Global, Inc., today announced that its registration statement on Form S-1, as filed with the Securities and Exchange Commission (the “SEC”), relating to a proposed public direct listing of its Class A common stock was declared effective by the SEC on April 1, 2021.”
Additionally, a couple of weeks ago, the exchange went on to publish its financial results for 2020. While this was mandatory following the S-1 regulatory filing required to go public, it was revealed that the platform had bagged profits of over $322 million last year.