Technology

Coinbase gets all-clear from SEC, setting stage for landmark crypto listing

Coinbase Global, the largest US cryptocurrency exchange gets approval to list its shares on the Nasdaq

Reuters April 02, 2021

the hackers were using quot spearphishing quot attacks targeting the personal email accounts of employees at the exchanges photo reuters

The hackers were using "spearphishing" attacks, targeting the personal email accounts of employees at the exchanges. PHOTO: REUTERS

Coinbase Global, the largest US cryptocurrency exchange, has received approval from the US Securities and Exchange Commission (SEC) to list its shares on the Nasdaq, paving the way for what will be a landmark victory for cryptocurrency advocates.

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The company, which plans to go public through a so-called direct listing, expects to list its shares on the Nasdaq under the ticker ‘COIN’ on April 14.

In a direct listing, no shares are sold in advance, as is the case with an initial public offering (IPO). The company’s share price is determined by orders coming into the stock exchange. Advocates argue it is a better way to price new stock rather than an IPO.

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In a regulatory filing last month, Coinbase said its stock in the private market traded at a weighted average price of $343.58 in the first quarter of 2021 through March 15, a nearly 13-fold jump in its valuation to around $68 billion in the space of a few months.