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Coinbase direct listing is approaching. On Wednesday Coinbase said that it had registered roughly 114.9 million shares for its Nasdaq direct listing.
Coinbase is among the most well-known cryptocurrency platforms globally, and direct listing on the Nasdaq is setting the exchange up for the highest-profile listing from a firm with a main focus on digital currency.
Coinbase currently holds over 43 million users in more than 100 countries worldwide. In 2020, the San Francisco-based exchange recorded a $322 million profit over $1.2 billion in revenues.
With the upcoming listing, the company is expected to be valued somewhere between $77 billion and $100 billion. A successful listing would reflect the trust in cryptocurrency of mainstream investors, regulators and the general public, driving global adoption of the industry.
A direct listing means a company does not take part in the traditional process of relying on investment banks to set the price and line up for buyers for their shares and have the possibility to directly sell to interested parties. Coinbase Chief Financial Officer Alicia Haas previously commented on their decision to follow this road by stating:
“We believe a direct listing more closely follows the ethos of crypto and Coinbase because it democratizes access and opportunities for all investors.”