Cryptocurrency exchange 'Coinbase': to postpone its direct listing plan to April

According to reports, people familiar with the matter revealed that the US cryptocurrency exchange Coinbase Global will postpone the direct listing from this month to April. The US Securities and Exchange Commission has been reviewing the company’s direct listing plan. Coinbase declined to comment.

Coinbase supporters registered as many as 114.9 million shares this week and plan to trade after the listing.

For companies that adopt direct listing, investors can sell their shares immediately after listing, instead of waiting until the end of the restriction period. If the IPO method is adopted, there will usually be a lock-up period of up to 6 months.

Regulatory documents filed on Wednesday show that investment companies including Andreessen Horowitz and Union Square Ventures, as well as Coinbase CEO Brian Armstrong and co-founder Fred Ehrsam, have all registered to wait. Sell stocks.

The price range of Coinbase’s private market transactions this year is 200 to 375.01 U.S. dollars, and the weighted average from January to March 15 is 343.58 U.S. dollars.

According to the calculation of the total outstanding equity as of Monday, the corresponding valuation of the company is 67.6 billion U.S. dollars. If the employee incentive plan and restricted stocks are included, the valuation will be much higher than this figure.This will be Nasdaq’s first large-scale direct listing transaction. Previous transactions of this kind were mainly conducted on the New York Stock Exchange, including Spotify, Slack, Asana, Palantir and Roblox, which was listed this month.

Coinbase’s latest financial report shows that the company is already profitable, so it is very different from other newly listed startups. The company turned losses into profits last year, achieving a profit of 322 million U.S. dollars, and net revenue more than doubled to 1.14 billion U.S. dollars.

Cryptocurrency exchange ‘Coinbase’: to postpone its direct listing plan to April