The largest cryptocurrency exchange in the United States, Coinbase, has announced it had submitted a draft registration statement on Form S-1. The company says the Form S-1 is expected to become effective "after the SEC completes its review process, subject to market and other conditions."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Coinbase emphasizes that its notification does not serve as an offer to purchase any securities.
Meltem Demirors, CoinShares CSO, believes that Coinbase's move "will be the first meaningful exit," which means more allocation to crypto companies going forward.
"I believe that this will be a monster IPO and the first of many to come in 2021. This and future IPOs will further enable investors at both an institutional and retail level to get more pure-play exposure to crypto-assets," Demirors added.
During the last investment round in October 2018, Coinbase raised $300 million, and was valued at $8 billion. Messari analysts project that after going public, the company's capitalization may reach $28 billion.
iHodl reported back in July 2020 that Coinbase is planning for a stock market listing that could come as early as this year. If Coinbase succeeds, it may be the first US-based cryptocurrency exchange to go public.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.