Coinbase Sets Direct Nasdaq Listing For 14 April
- The SEC declared Coinbase’s Nasdaq registration statement effective.
- The final date of the listing will still be subject to change, the company said.
Coinbase CEO Brian Armstrong at TechCrunch’s Disrupt SF conference, September 8, 2018. TechCrunch
According to an announcement published on 1 April, Coinbase’s registration statement for the listing has been declared effective by the U.S. Securities and Exchange Commission. While the company’s Nasdaq debut is still being reviewed by the SEC, Coinbase expects its Class A common stock will begin trading on the Nasdaq Global Select Market, under the “COIN” ticker, on 14 April.
Coinbase is set to go public through a direct listing in which it will not raise any new capital. As previously reported, in its final week of trading on Nasdaq’s private market the company was valued at around $90 billion. Details about its reference price will be disclosed the day before the company goes public.
Its debut will be the first major direct listing to take place on Nasdaq. Companies such as Spotify, Slack, Asana, Roblox, and Palantir all had their direct listings on the New York Stock Exchange (NYSE). If approved by the SEC, Coinbase’s Nasdaq listing would mark a significant milestone for the digital asset industry, which has struggled to appease regulators.
Last month, Coinbase reached a $6.5 million settlement with the Commodity Futures Trading Commission (CFTC), resolving charges for inaccurate reporting and wash trading by a former employee on its GDAX platform.
- Initially launched in the U.S., U.K., Germany, and Ireland, Coinbase One offers its subscribers zero-fee trading, improved staking rewards, 24/7 customer support, and more.
- The $29.99 per month service also offers additional benefits through Coinbase’s partnerships, and will be rolled out to 31 additional countries in the coming months.
Coinbase CEO Brian Armstrong speaking at TechCrunch Disrupt SF 2018. Steve Jennings/Getty Images for TechCrunch
- The U.S. SEC claimed in its response that it was under no obligation to issue new regulations for crypto, and that rules for crypto were already published and were sufficient.
- The agency also tried to distance itself from any public comments made by its chair Gary Gensler, particularly regarding his statement that most cryptocurrencies are securities.
- Ishan Wahi was sentenced to 24 months in prison for his illegal use of confidential information he obtained during his time at Coinbase.
- Wahi, his brother, and a friend, had allegedly made around $1.5 million between June 2021 and April 2022 by purchasing digital assets before their Coinbase listing was announced.