(Reuters) -Coinbase International Inc, the most important U.S. cryptocurrency alternate, has obtained approval from the U.S. Securities and Trade Fee (SEC) to record its shares on the Nasdaq, paving the best way for what shall be a landmark victory for cryptocurrency advocates.
The corporate, which plans to go public via a so-called direct itemizing, expects to record its shares on the Nasdaq beneath the ticker ‘COIN’ on April 14.
In a direct itemizing, no shares are bought upfront, as is the case with an preliminary public providing (IPO). The corporate’s share worth is decided by orders coming into the inventory alternate. Advocates argue it’s a higher strategy to worth new inventory quite than an IPO.
In a regulatory submitting final month, Coinbase stated its inventory within the personal market traded at a weighted common worth of $343.58 within the first quarter of 2021 via March 15, an almost 13-fold bounce in its valuation to round $68 billion within the house of some months.
Reporting by Dania Nadeem in Bengaluru; Enhancing by Krishna Chandra Eluri
