U.S. cryptocurrency exchange Coinbase has filed with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). The company officially announced on submitting a draft registration statement on Form S-1 with the SEC. As per the announcement, form S-1 is expected to be effective after the regulatory agency completes its review process, subjected to market and other conditions. The statement, however, did not provide any additional details regarding the size or timing of the prospective listing.
Coinbase Files With the SEC to Launch Its IPO
The move makes one of the biggest names in the crypto industry to go for the public markets. A crypto exchange debut in a stock market will mark Coinbase the first public crypto exchange in the United States.
The latest announcement from a crypto company to go for the public markets comes at a perfect time, with Bitcoin exceeding its record high of trading just above $23,000. This makes it advantageous for Coinbase as the company’s maximum revenues coming from trading commissions.
Coinbase has been valued at $8 billion during a $300 million round of funding in 2018, making it one of the most valuable cryptocurrency companies.
Crypto Community Hopeful Towards Coinbase’s Public Listing
Initial reports of Coinbase going public emerged during July. At that time, Coinbase was largely under discussion with law firms and investment banks regarding the idea. Although, there were no concrete action plans regarding filing with the SEC.
Indeed, crypto communities are increasingly hopeful towards Coinbase’s public listing. Many believe that if approved, the crypto industry as a whole will seem like a legitimate industry under the eyes of the regulators and public.
Coinbase was found in 2012 as a simple way for users to buy, sell, and hold Bitcoin. Since then, the company became a conglomerate in itself among the many names in the crypto industry.