The largest cryptocurrency exchange in the United States, Coinbase, has just announced that the date for its long-awaited direct listing on the stock market has been fixed. Following approval from the US Securities and Exchange Commission, the exchange reported that it would get listed on the Nasdaq on April 14.
According to a blog post published on April 1, Coinbase noted that its Class A common stock would get directly listed on the Nasdaq Global Select Market in twelve days from today, under the ticker symbol “COIN.”
Before the recent development, the behemoth exchange planned to go public in March but decided to hold off on the listing until April, likely because of its previous regulatory crisis with the CFTC.
The Commodity Futures Trading Commission (CFTC) recently accused Coinbase of carrying out illegal wash trading practices for three years. However, shortly afterward, the exchange agreed to settle the $6.5 million fine imposed by the regulatory body.
Should the listing go according to plan, Coinbase would become the first cryptocurrency exchange to get listed on the Nasdaq, which would mark a significant milestone for the entire cryptocurrency industry.
Pivot from IPO to Public Listing
Initially, the US-based cryptocurrency exchange announced in December 2020 that it would go public via an initial public offering (IPO). However, Coinbase changed its plans and opted for a direct listing instead.
In its recent statement, Coinbase noted that:
“This announcement does not 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 prior to registration or qualification under the securities laws of any such state or jurisdiction.”
Meanwhile, congratulatory messages have started to roll in from prominent industry players. Shortly after the announcement, MicroStrategy CEO Michael Saylor stated that:
“Congratulations to the entire team at Coinbase. This listing will accelerate institutional adoption of bitcoin and catalyze a host of complimentary industry initiatives.”
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