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US-based cryptocurrency exchange Coinbase announced that it has officially filed a registration statement on Form S-1 with the SEC to become a publicly-listed entity on the Nasdaq exchange. The company confidentially submitted a draft registration statement to the Securities and Exchange Commission (SEC) last year to be listed on the exchange.
Coinbase chose to go public via a direct listing instead of an IPO. Estimates suggest that the potential valuation of the company is pegged around $28 billion.
The largest exchange in the US broke the news to the public earlier today, noting that the registration was “relating to a proposed public direct listing of its Class A common stock.”
Coinbase will list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “COIN.”
However, although the registration statement has gotten filed, it is yet to come into effect. The company explained that: “These securities may not be sold, nor may offer to buy be accepted, before the time the registration statement becomes effective.”
Coinbase Records Significant Revenue Spike
Meanwhile, Coinbase highlighted that its filing doesn’t “constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.”
In other news, the cryptocurrency exchange revealed that its net revenue saw a significant spike in 2020 compared to 2019—$1.1 billion against $483 million. The company’s expenses also increased from $580 million in 2019 to about $870 million in 2020.
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