The US bitcoin exchange Coinbase is one step closer to listing its shares on Wall Street. The cryptocurrency exchange presented this Thursday, February 25, form S-1, or initial registration information prospectus, with the Securities and Exchange Commission (SEC).
In the document, Coinbase notes that it opted for a direct listing of its class A shares to go public and provided details of what the process will be like once authorized by the SEC. The organization is advised by the financial entities Goldman Sachs, JP Morgan and Citigroup.
«Once Goldman Sachs has notified Nasdaq that our Class A common shares are ready for trading, Nasdaq will calculate the reference price ”, indicated the exchange.
Once this step is completed, and if Goldman Sachs approves the negotiations at the stipulated price, Nasdaq will perform a validation check of prices in accordance with its rules, as highlighted in the statement sent to the regulatory body.
Regarding the possible valuation that Coinbase may reach, there are various estimates. Research firm Messari placed it in December 2020 at about $ 28 billion, according to CriptoNoticias. Other investors go further and have ensured that the actual valuation could be $ 100 billion.
Coinbase is complying with the protocol required by the SEC for those companies, based in the United States, that wish to enter the stock market. The presentation of the S-1 form includes financial information of the company and basic data about its organization.
In a direct quote anyone who owns shares of a company can sell them , that includes promoters, investors or employees, for example. That is, new actions are not created, but operators work with existing titles.
Coinbase Financial Data
The exchange revealed that during 2020 it obtained revenues of a total of 1,300 million dollars, more than double the income registered in 2019 when they reached 533 million dollars. In addition, in the last year it counted 43 million verified users and almost three million monthly active operators.
Other data of interest reported include 90 billion dollars in assets within the platform and a general trade volume of 456 billion dollars since its launch. operation in 2012. Coinbase maintains operations in more than 100 countries, according to the informative prospectus.
According to CoinGecko records, Coinbase is the second most important bitcoin exchange, according to its volume trading in the last 24 hours. According to the information service, the exchange house is processing, at the time of publishing this article, about 4.2 billion dollars, only behind Binance with 29 billion dollars.