Coinbase today announced that its stock will begin trading on the NASDAQ under the ticker symbol “COIN” on April 14. The announcement comes a day after the US Securities and Exchange Commission (SEC) approved of Coinbase's Form S-1, which is the regulatory filing related to the direct listing of an entity's Class A common stock. Coinbase is one of the largest crypto exchanges in the world processing over $3 billion in trades on a daily basis. It has over 43 million users across hundred countries. The company filed a confidential prospectus for stock listing last December amidst an unprecedented surge in Bitcoin price. The listing on Nasdaq will make Coinbase the first listed cryptocurrency exchange in the world and it will be the first major direct listing on Nasdaq. According to CNBC, the company was last valued at about $68 billion on NASDAQ's private market based on an average share price of $343.58. NASDAQ will use this value in determining a reference price that will be disclosed the night before. In a direct listing, unlike a traditional initial public offering, the issuing company allows existing shareholders to sell their shares to new investors rather than issue new shares. It helps companies save on underwriting and roadshow expenses. The company plans to list nearly 115 million shares of Class A common stock, according to CBNC. Also Read Coinbase plans an IPO for later this year, or early 2021: Report Coinbase fined $6.5 million for inaccurate reporting Coinbase launches bitcoin debit card in the…
