The largest crypto exchange in the US, Coinbase, is set to go public on the Nasdaq on April 14, trading under ticker symbol COIN.
With a potential valuation of between $68 billion and $100 billion, the company is offering its stock at an indicative price of $343.58 per share, subject to change once trading of the stock commences.
Just like Spotify (SPOT), Slack (WORK) and Asana (ASAN), Coinbase has opted for a direct listing as opposed to hiring a bank to broker the IPO, which means that existing investors can sell their shares to new investors.
Here is how you can buy shares
The stock can be found under the ticker symbol COIN.
Please note that orders can only be placed as Limit Orders until regular trading commences after the opening auction on April 14.
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An American cryptocurrency exchange platform that operates remote-first without official headquarters, Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam after Armstrong enrolled in the Y Combinator start-up incubator programme and received a $150,000 cash infusion.
The largest cryptocurrency exchange in the U.S. by trading volume as of March 2021, Coinbase generates its revenue from the sale of cryptocurrencies, reporting 43 million verified users, 7,000 institutions and 115,000 ecosystem partners in over 100 countries. It also reported net revenue of $1.14 billion in 2020, up from $483 million the previous year, while its preliminary first-quarter results for the January-March period topped $1 billion.
The cryptocurrency industry has been booming recently with its market capitalization surging to a record $2 trillion, as gains over the last several months attracted demand from both institutional and retail investors. The surge was led by Bitcoin, which hit its own milestone by holding at a $1 trillion market cap for one week, while Ethereum, the second largest cryptocurrency in terms of market cap, was up 1.3% at $2,103.
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