CRYPTONAIRE
WEEKLY CRYPTO investment journal
Coinbase Picks Nasdaq for Direct Listing
After months of speculation, San Francisco-based crypto exchange Coinbase recently announced plans to go public via a direct listing. Now, The Block reports that the company will list its shares on Nasdaq. (Coinbase did not confirm the report.) Coinbase quietly filed a draft of its registration with the US Securities and Exchange Commission (SEC) back in December, and the direct listing was officially announced last week. Unlike an IPO, a direct listing doesn’t involve creating new shares. The Block also reported that Coinbase has launched a secondary market for private shares with Nasdaq’s Private Market service, which has already implied a valuation of around $50 billion. Under the aegis of CEO Brian Armstrong, Coinbase has grown into one of the most dominant crypto companies in the world—it’s already raised over $500 million from investors like Andreessen Horowitz and Polychain. In addition to its retail brokerage, Coinbase also offers institutional services; the deals it coordinated with the software company MicroStrategy last year may have contributed to a surge in the price of Bitcoin. Read more...
Cryptonaire Weekly | February 2nd 2021
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