Crypto exchange Coinbase has surprised the world of crypto, opting for a direct listing on Nasdaq instead of the rumored IPO.
Exchange operator Coinbase has chosen Nasdaq as the venue for its direct listing, according to two sources familiar with the San Francisco crypto unicorn’s plans.
The firm’s plan to tap the public markets in the coming weeks follows a secondary offering on Nasdaq Private Market.
On January 25, Nasdaq Private Market launched a secondary market for Coinbase stock, a move that allowed shareholders with vested equity to sell shares. Nasdaq Private Market offers services for companies ahead of an IPO, including “controlled liquidity programs for pre-IPO companies looking to raise secondary capital for shareholders and investors.”
According to one source, shares on Nasdaq Private Market were matched at a price of $200. With 254 million shares outstanding, that’s an implied valuation of approximately $50 billion for the firm.
That calculation also represents a major discount from where pre-IPO futures contracts are trading for Coinbase on FTX. Shares are trading at $277, implying a valuation just below $70 billion.