America-based cryptocurrency exchange Coinbase says they hope to go public with Direct Listing within two weeks.

The San Francisco-based company could be the first cryptocurrency exchange to go public in the United States.

Coinbase announced today that the US Securities and Exchange Commission (SEC) has approved the IPO. Coinbase’s Class A stocks are expected to be traded on the Nasdaq Global Select Market under the symbol “COIN” starting April 14.

The cryptocurrency was originally expected to go public in March. But this plan was delayed after a $ 6.5 million fee was paid as part of the agreement with the Community Futures Trading Commission (CFTC).

Coinbase submitted its license draft to the SEC for the IPO in December. The SEC’s green light marks a major turning point for cryptocurrency advocates who are accumulating blockchain assets like Bitcoin. Many institutional investors and traditional banks are just starting to adopt cryptocurrencies that they previously viewed as highly volatile and speculative.

Coinbase announced its Direct Listing plans through Nasdaq in early 2021. In direct listing, the issuing company gives up the sale of new stock and instead allows existing shareholders to sell their shares to new investors.

It is estimated that the stock exchange will have a value of $ 100 billion during the public offering, with each of the shares sold for $ 375 at a private auction last month.

Coinbase, launched in 2012, is considered one of the largest cryptocurrency exchanges in the USA, with Coinbase Pro processing more than $ 3 billion per day. Kraken, also a US-based cryptocurrency, has not yet confirmed whether Coinbase will follow its steps. But he still said that if it goes public, it will do so through direct listing like Coinbase.


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