Coinbase Files Paperwork With SEC to Launch Public Offering

Spread the love

U.S. cryptocurrency exchange Coinbase had confidentially filed a draft registration for a public offering to the Securities and Exchange Commission (SEC).

Coinbase Sent Draft Registration to the US SEC

On December 17, 2020, the exchange made the announcement on its blog, stating that the firm submitted a draft registration statement on Form S-1 with the SEC. The firm also clarified:

The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions.

Plans of looking for an initial public offering (IPO) date back from July 2020. As previously reported, Coinbase Inc. was planning a U.S. stock market listing for later this year or early 2021, citing a Reuters report, although it’s not clear which stock exchange they are targeting.

The latest valuation put the U.S.-based crypto exchange at over $8 billion, and this move opens the doors for a future IPO for one of the biggest names in the crypto industry nowadays.

RECOMMENDED READ:  Coinbase Fingered By NYT For Underpaying Black Employees And Women

Speaking with, Meltem Demirors, Coinshares’ CSO, said that putting out a notice about a confidential S-1 filing is a 2020 move and has also been used by Affirm other firms. Also, he pointed out the fact that “the timing is especially fortuitous as BTC is breaching all-time highs.”

Demirors commented about what this Coinbase’s possible IPO means for the crypto community:

I believe that this will be a monster IPO and the first of many to come in 2021. This and future IPOs will further enable investors at both an institutional and retail level to get more pure-play exposure to crypto-assets.

Other Major Crypto-Related Firms Trading Publicly

Another crypto heavy-weight company trading publicly is Canaan Creative, the manufacturer of ASIC mining rigs, which recently posted a net loss of $12.7 million on its Q3 financial results published on November 30, 2020. Canaan dominates the SHA-256 miners market globally, together with Bitmain, Microbt, and Ebang.

Looking ahead, Coinshares’ CSO believes that Coinbase’s IPO “will be the first meaningful exit, which means more allocation to crypto companies” in the future.

RECOMMENDED READ:  Price Movement: Ethereum move above 1k, Litecoin overtake XRP, Bitcoin stagnates

The U.S.-based crypto exchange didn’t provide further details as of press time about this announcement.

 166 Interactions,  4 today

Coinbase Crypto Exchange Planning Private Shares Sell Before Public Offering(IPO)

According to a new article, the San Francisco-based cryptocurrency exchange Coinbase is allegedly preparing to list its shares on Nasdaq's Read more

Coinbase Assets Now More Than $90B

Bitcoin's rising price sparked a major capital raise last year—up to $90 billion. In addition to increasing resources, the number Read more

Message from Coinbase on XRP trading suspension both on Coinbase Pro and

Given the SEC’s recent action against Ripple, trading on our XRP order books has been suspended in all regions. You're Read more

Maximum returns: why neither Bitcoin nor altcoins are best bets

Neither Bitcoin nor any of the market's popular altcoins are the best bets for maximum returns. Yes, Bitcoin has more Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: