[Digital Today Reporter Hyunwoo Choo] Coinbase, which is evaluated as the largest virtual asset (cryptocurrency) exchange in the US, is scheduled to be listed directly on the NASDAQ market on the 14th (hereinafter, local time). The abbreviation of the exchange was set as’COIN’.
On the 1st (local time), Coinbase announced the news of the NASDAQ listing on the 14th through an official statement. Directly listed stocks planned by Inbase are 114.9 million shares. The listing recommendations were not disclosed. The abbreviation of the exchange was set as’COIN’.
Direct listing is a listing method in which a company provides stocks directly to the stock market, unlike the traditional IPO, in which investment banks and others act as acquirers. It has the characteristic of not issuing new stocks by offering only the stocks of existing unlisted shareholders for sale. Although it can ease the burden of listing on companies, there is a risk of large fluctuations in stock prices after listing.
According to foreign media such as TechCrunch, Coinbase plans to release a financial report including the results of the first quarter on the 6th. Based on this, it is expected that the recommended price will be released one day before listing.
In a S-1 listing report filed with the U.S. Securities and Exchange Commission (SEC) in March, Coinbase announced that Coinbase shares were recently trading at $343.58 per share on the over-the-counter market. Reflecting this, the current corporate value is a whopping 68 billion dollars (about 76 trillion won).
However, in line with the recent boom in the virtual asset market, Coinbase’s corporate value has been overvalued from at least $90 billion to up to $100 billion.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.