Coinbase to go public via direct listing, shunning IPO

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Digital currency exchange Coinbase has announced that it plans to go public via a direct listing, shunning the traditional initial public offering (IPO) model.

The San Francisco headquartered firm enables people to buy and sell cryptocurrencies such as bitcoin, which is currently enjoying a bull run that recently took it as high as $41,000.

In December, Coinbase filed a confidential S-1 form with the Securities and Exchange Commission (SEC). However, Coinbase is yet to make its financials public.

“The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions,” the company said in a blog post on Thursday.

Launched in 2012, Coinbase is the largest cryptocurrency exchange in the US by trading volume.

Its public listing may come at a good time for the currency exchange and digital wallet. Bitcoin’s latest rally has renewed public interest in cryptocurrencies, a digital currency based on blockchain technology.
US government financial stimulus cheques and increasing institutional investment in bitcoin have been attributed to the cryptocurrency’s rising price. Payments platform PayPal’s move to accept cryptocurrencies has also helped fuel mainstream interest.

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