Coinbase will do direct flotation not IPO - SEC Accepted officially

As many companies that want to skip the middle man, Coinbase is aiming to directly flotate its stock on NASDAQ. This avoids the heavy costs associated to conducting an IPO through investment banking, and since the shares are anyway being dealt OTC it makes sense and it is not as risky as otherwise might be for smaller companies.

Approval news and financial statements of coinbase.

Quote

Coinbase’s listed stock on Nasdaq will be recognized with the name “COIN’, according to the listing.

Quote

Cryptocurrency exchange Coinbase is about going public after filing for an IPO with the U.S. Securities and Exchange Commission (SEC). However, the company stated that it’s going for a direct listing instead of the usual ICO that’s predominant in the industry. It has also applied for its shares to be listed on Nasdaq Stock Exchange

Listing docs here.

Regarding the 100B valuation, it is doubtful at best and IMO speculative as perhaps all the cryptomarket I guess.

Quote

Last time we talked about Coinbase, we gave it a $15 billion valuation. Maybe it was right at the time, but it was fairly wrong given where things are going now. Today’s Coinbase private valuation is floating between $50 billion and $100 billion in the private secondary markets on Nasdaq. That distance made us revisit the financial model for the company with a February update.

Topic: Coinbase will do direct flotation not IPO - SEC Accepted officially (Read 56 times)