Tag: coinbase

Cryptocurrency Exchange Coinbase Sets Direct Listing for April 14

Crypto Exchange Coinbase Sets Direct Listing for April 14

Coinbase Global Inc., the largest U.S. cryptocurrency exchange, said it’s planning to make its trading debut on April 14.

The company’s registration statement for the listing has been declared effective by the U.S. Securities and Exchange Commission, Coinbase said Thursday in a statement confirming a Bloomberg News report.

The direct listing on the Nasdaq Stock Market had earlier been pushed back from March, Bloomberg previously reported. As with other direct listings, a reference price to help guide investors and to allow the shares to begin trading will be disclosed the night before the company goes public, said people familiar with the matter, who asked not to be identified because the information was private.

Coinbase’s plans were undergoing a review by the SEC, which has been inundated with filings for initial public offerings, including the frenzy of special purpose acquisition companies.

A different federal regulator, the Commodity Futures Trading Commission, announced on March 19 that it had reached a $6.5 million settlement with Coinbase, resolving claims the company had reported inaccurate data about transactions and that a former employee had engaged in improper trades.

For More: Coinbase’s Direct Listing Is Said to Be Pushed Back to April

Coinbase is planning to go public through a direct listing in which it will not raise any new capital, it said in previous filings. It was valued at about $90 billion in its final week of trading on Nasdaq’s private market, Bloomberg News reported.

The debut will be the first major direct listing to take place on the Nasdaq. All such previous listings were on the New York Stock Exchange, including those by Spotify Technology SA, Slack Technologies Inc., Asana Inc., Palantir Technologies Inc. and Roblox Corp.

In addition to the exchange, Coinbase operates a digital-coin custody business, keeping holdings safe for institutions.

Source – Bloomberg News 

Coinbase Is Said to Be Valued at $90 Billion in Private Auction

Coinbase Is Said to Be Valued at $90 Billion in Private Auction

Coinbase Global Inc. shares changed hands at a roughly $90 billion value last week, in what could be the final chance for investors to trade its private stock before the cryptocurrency exchange goes public, according to people familiar with the matter.

That valuation is based on $350 a share, the price the stock was trading at on the Nasdaq Private Market auction that ended last Thursday, the people said, asking not to be identified because the information was private.

Thursday’s auction was the last time shares are being sold on the Nasdaq Private Market before Coinbase goes public in late March, the people said.

Some of the shares had traded at $375 earlier in the auction, which would roughly value the company at close to $100 billion, they added.

Private trading is more restrictive and volumes are usually smaller than in the public markets, and not a perfect picture of the company’s value. The Nasdaq private market is a division of Nasdaq devoted to trading shares in companies before they go public.

Ahead of the direct listing, the Nasdaq still needs to set a reference price for investors, which is partly based on private trading activity. These private trades aren’t necessarily indicative of where the stock will actually trade.

Source – Yahoo News