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.
- Both crypto exchange Coinbase and stablecoin issuer Paxos have stated that they will no longer accept or initiate U.S. dollar payments through Silvergate Bank.
- The two noted that cash transactions for institutional clients will now be carried out through their other banking partners, and that the move had no impact on pound and euro payments.
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- Coinbase has launched the testnet for its own layer-2 network Base, which was designed to be low-cost, open-source, and provide a developer-friendly environment.
- The exchange also revealed it will be joining Optimism as a core developer on the open-source “OP Stack”, which Base was built on top of.
- The crypto exchange cited market conditions for its decision to exit the country, and gave users until 16 February to withdraw their assets.
- Coinbase is following in the footsteps of crypto exchange Kraken, which announced it will be ending operations in Japan on 28 December.