Coinbase Global, the biggest US cryptocurrency exchange, filed to go public via a direct listing, in what’s anticipated to be a break-through moment for the industry.
The company won’t raise any proceeds in the transaction, Coinbase said in a filing with the US Securities and Exchange Commission on Thursday.
Coinbase’s offering could be the first major direct listing to take place on the Nasdaq. All previous ones, including Spotify Technology SA, Slack Technologies,, Asana and Palantir Technologies, were listed on the New York Stock Exchange.
Online video game company Roblox has also announced that it’s planning a direct listing, after earlier delaying its IPO and raising capital privately.
Started in 2012, Coinbase has raised more than $500 million from backers that include Andreessen Horowitz, Y Combinator and Greylock Partners.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU