Friday, 02 Apr 2021 06:00 AM MYT
A Coinbase App and logo is seen displayed on a smartphone and a laptop in the background January 1, 2021. — Reuters picNEW YORK, April 2 — Coinbase Global Inc, the largest US cryptocurrency exchange, has received approval from the US Securities and Exchange Commission to list its shares on the Nasdaq, paving the way for what will be a landmark victory for cryptocurrency advocates.
The company, which plans to go public through a so-called direct listing, expects to list its shares on the Nasdaq under the ticker ‘COIN’ on April 14. In a direct listing, no shares are sold in advance, as is the case with an initial public offering . The company’s share price is determined by orders coming into the stock exchange. Advocates argue it is a better way to price new stock rather than an IPO.
In a regulatory filing last month, Coinbase said its stock in the private market traded at a weighted average price of US$343.58 in the first quarter of 2021 through March 15, a nearly 13-fold jump in its valuation to around US$68 billion in the space of a few months. — Reuters