It was just a few weeks back when Coinbase had announced that it was taking the necessary steps to go public. However, Coinbase has now revealed that it is hoping that it gets approval from the US Securities and Exchange Commission to go public soon.
Coinbase officials have revealed that as soon as the approval comes from the Commission, the exchange will go public. The United States-based cryptocurrency exchange has stated that it is expecting to go public in the next two weeks.
According to reports, Coinbase is hoping to get the approval and go public by April 14, 2021. So far, things seem to be going completely in the favor of one of the largest cryptocurrencies based in the United States.
Coinbase made the announcement on Friday, April 2, 2021, that it has received a notification from the US SEC. In the notification, the Securities and Exchange Commission has intimated that Coinbase’s S-1 registration is now active. This means that the Securities and Exchange Commission is now considering the request filed by Coibnase for going public.
Once approved, Coinbase will be able to list its Class A common stock through the Nasdaq Global Select Market. Coinbase has confirmed that it already has the ticker symbol selected that it will be used on April 14, 2021. According to Coinbase, it will be using the symbol “COIN” when it gets listed on the Nasdaq market and starts trading.
Before mid of April, Coinbase had hoped that it will be able to go public in March, but unfortunately, things didn’t go in its favor then. At that time, the delay wasn’t from the US Securities and Exchange’s side but from Coinbase.
Coinbase reportedly had to pay up a fee of $6.5 million in order to take care of a settlement. This led to Coinbase delaying the process for a short amount of time. Coinbase had reportedly paid the $6.5 million amount to Community Futures Trading Commission (CFTC) as part of a settlement.
The draft registration to the Securities and Exchange Commission was sent by Coinbase back in December of 2020. That was the first time Coinbase had expressed its intentions of going for a public offering. At that time, Coinbase had revealed that it intended to be enlisted onto the Nasdaq stock markets right in the beginning of 2021.
The firm has announced that ever since its initial public offering, the company has gained a valuation of $100 billion. The exchange also revealed that each share launched by Coinbase had been sold for an average amount of $375 per share through the private auction.
Coinbase is currently one of the oldest cryptocurrency exchanges based in the United States as it was founded back in 2012. The exchange reportedly observes a daily trading volume of around $3 billion.