Coinbase has chosen the NASDAQ exchange for its direct listing, The Block has reported citing several sources.
On January 25, a secondary market for Coinbase securities was launched on the Nasdaq Private Market, giving shareholders the opportunity to sell them. According to one of the sources, the shares were valued at $200. With an issue of 254 million shares, this implies an initial capitalization of around $50B. At the same time, Coinbase stock contracts are trading at around $277 on the exchange FTX, implying an estimated capitalization of about $70B.
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In total, Coinbase has raised more than $500M to date. The company plans a direct listing which, unlike IPOs, does not involve raising additional funds or issuing new shares. This option is usually chosen by companies that wish to provide their investors with access to liquidity.
It must be noted that one of Coinbase's investors is the New York Stock Exchange (NYSE).
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