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.
- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
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- Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
- In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.
- During an interview with FT, CEO Brian Armstrong said that before the lawsuit a SEC staff member had said that all crypto except BTC was security, and should be delisted.
- When asked how he came to that conclusion, the SEC staff member reportedly said “we’re not going to explain it to you, you need to delist every asset other that Bitcoin”.