The cryptocurrency exchange Coinbase will list 114,850,769 Class A shares on the Nasdaq stock exchange in a direct listing, according to the updated filing under the Form S-1 with the U.S. Securities and Exchange Commission (SEC).
The prospectus contemplates the so-called ‘shelf registration’ (shelf registration), allowing additional securities to be issued subsequently.
The document shows a volume-weighted average price per share of $343.58, based on trades on Nasdaq Private Market. This roughly aligns with the Bloomberg-sourced figures cited earlier, according to which the exchange could be valued at $90 billion.
Representatives of Coinbase in the prospectus note that the final price of $343.58 was formed within a corridor of $200-375.01 and may bear only a weak relation to the price at which trading on the public market will begin.
As of writing, the futures contract for Coinbase’s future stock price on the FTX derivatives exchange trades at $436.28. Traders value the business of the trading platform at $110.8 billion based on 254 million outstanding shares.
If the market confirms such a high valuation, Coinbase founder Brian Armstrong could earn an additional $3.2 billion.
In accordance with the form S-1, Armstrong owns 2.8 million Class A shares and 36.8 million Class B shares. According to Bloomberg Billionaires Index, their value is estimated at $15 billion.
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