Coinbase Global has set a date for its initial public offering.
The cryptocurrency exchange said Thursday that the Securities and Exchange Commission has declared effective its registration statement for its proposed IPO. Coinbase now expects its class A shares to begin trading on April 14, the statement said.
Coinbase is using a direct listing to sell its Class A shares. Coinbase stockholders have registered 114.85 million shares, according to a March 23 prospectus. No price has been set for the stock, although Coinbase shares have sold privately for between $200 and $375.01 during the first quarter, the filing said. It plans to trade on the Nasdaq under the ticker COIN.
Founded in 2012, Coinbase is the largest U.S. cryptocurrency exchange, with more than 43 million verified users last year, up 34% from 32 million users in 2019. Its online platform allows users to buy, sell, transfer, and store Bitcoin and other digital currencies. The company, whose mission is to create an open financial system for everyone, has raised $537.4 million in funding, according to Crunchbase. Its last round, which raised $300 million in 2018, valued Coinbase at $8 billion. Investors include Andreessen Horowitz, Tiger Global, IVP, and Ribbit Capital.
With the direct listing, Coinbase could be valued at more than $100 billion. The company’s valuation hit nearly $68 billion in the first quarter based on its weighted average share price of $343.58, the prospectus said. That’s up from $28.83 in the third quarter, implying a $5.3 billion valuation during that period.
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