Coinbase, a leading cryptocurrency exchange in the United States, has announced that its shares are going to be traded on NASDAQ (New York Stock Exchange), starting from April 14, 2021. The company’s (formed by Brian Armstrong and Fred Ehrsam in 2012) shares will be traded on Nasdaq under the “COIN” ticker.
Coinbase IPO is the most awaited market event of 2021, especially after the 800% increase in BTC prices since March 2020. Just ahead of the listing by Coinbase on NASDAQ, Bitcoin price approached an all-time high (ATH) after a record run for stocks.
Coinbase, which is priced at around US$90 billion in its final week of trading, is taking the direct listing route to go public. A company is directly listed to a bourse when it goes public without selling new shares of stock. Coinbase is the largest cryptocurrency exchange in the US and it makes lots of money from transaction fees.
Bloomberg report says that Coinbase’s IPO was postponed earlier since March as the derivatives watchdog US Commodity Futures Trading Commission (CFTC) slapped a fine of US$6.5 million on the crypto exchange operator for “reckless fraudulent, deceptive, or inaccurate reporting as well as wash trading.”
Last week, Coinbase confirmed reports that it is going to open an office in India, where the cryptocurrency market is booming even after rumors that the Indian government is considering banning ‘private’ cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and other altcoins.
Coinbase has a vast network of retail customers (43 million), institutions (7,000), and ecosystem partners (115,000). The company helps this vast network to get engaged in the cryptocurrency economy.
Reports say that the public listing of the first big cryptocurrency exchange in the United States is going to be a big move towards mainstream acceptance of digital currencies. Experts believe that this will also help in legitimizing the industry.