Today, April 14, trading in securities of the cryptocurrency exchange will start on the NASDAQ stock market.
Cryptocurrency exchange Coinbase ahead ofThe direct listing on the NASDAQ stock market, which is scheduled for April 14 at 4:30 pm Moscow time, has given out 100 shares of the company to each of its 1,700 employees, according to Coindesk. The NASDAQ has already set a reference price for Coinbase shares at $ 250. Thus, each employee of the crypto exchange received $ 25 thousand in the form of shares. Based on the reference value of the company's securities, its pre-trading valuation is $ 66.5 billion.
In January 2021, Coinbase began selling itsshares on Nasdaq Private Markets. At the end of 2018, following a round of venture financing, the crypto exchange was valued at $8 billion; on January 29 of this year, its valuation reached $54 billion.
Coinbase has chosen to bypass the option of going publicIPO procedures, through direct listing. Unlike an IPO, in this case the company does not issue new securities; existing shares of investors and employees are sold on the exchange. This allows you to reduce the cost of investment banking services.
Today, April 14, Coinbase Class A common shares will begin trading on the NASDAQ Global Select Market under the ticker “COIN”.
</p></p>
