Cryptocurrency exchange Coinbase will start trading April 14 after the Securities and Exchange Commission approved its direct listing, according to CNBC.
- Coinbase will be Nasdaq’s first major direct listing. The company plans to register nearly 115 million shares of Class A common stock under the ticker symbol COIN.
- Coinbase claims to have over 43 million users trading digital assets in over 100 countries, but listed potential Bitcoin price declines as one of its risk factors.
- The SEC approval marks a milestone for cryptocurrency advocates. Cryptocurrency was previously deemed too speculative and volatile and only recently have traditional banks and institutional investors embraced it.
- In a March filing, Coinbase reached an implied $68 billion private market valuation based on an average share price of $343.58.
- The company soared in value as a proxy for the broader crypto-economy, with Bitcoin up about 800% in the past year.