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Even before Coinbase publicly filed its S-1, news of the crypto exchange going public had captivated the market. In the most recent progress, the crypto platform amended Form S-1.
On March 17, the US Securities and Exchange Commission published a filing signalling Coinbase’s intention to sell 114.9 million shares in a direct listing.
According to the new paper, the low and high trading rates of the Class A and Class B common stock in private purchases during the first quarter were $200 and $375.01, respectively. The volume-weighted price per share for the first quarter was $343.58, according to the revised S-1 filing. The total number of shares being sold is equal to 114,850,769, with a proposed overall offering price of $943,218,155.
Furthermore, Coinbase stated that it has applied for Nasdaq listing of its Class A common stock under the symbol “COIN,” and that Coinbase “will be viewed as an emerging growth company” before this listing is completed.
However, the firm confirmed that there is actually no public market for Class A common stock and that all Class A and B common stocks have a tradition of dealing in private transactions only. The start date of trade is still undisclosed.
In terms of Coinbase’s growth, the previous S-1 reported that the company raised $1.1 billion in sales last year. As of December 31, 2020, Coinbase users have traded over $456 billion in assets and deposited over $90 billion in assets on the network since its inception.