Coinbase Global Inc., the largest U.S. cryptocurrency exchange, is now planning to make its trading debut about April 14, according to people with knowledge of the matter.
The company’s direct listing on Nasdaq had earlier been pushed back from March, Bloomberg News reported. As with previous direct listings, a reference price to help guide investors and allow the shares to begin trading will be disclosed the night before the company goes public, said the people, who asked not to be identified because the information was private.
The timing and other details for the listing could still change, the people said.
A representative for Coinbase declined to comment.
Coinbase’s plans have been undergoing a review by the U.S. Securities and Exchange Commission, 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.
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 the last week of its private 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.