Coinbase announces date for direct listing

The American exchange Coinbase expects that the direct listing of its Class A shares will take place on April 14. They will trade on Nasdaq under the ticker COIN.

On April 1, the SEC approved the company’s S-1 filing. According to the document, the exchange will place 114,850,769 shares. In the first quarter up to March 15, the volume-weighted average price of the stock on the secondary market stood at $343.58 on Nasdaq Private Market.

Coinbase has more than 43 million users, operates in over 100 countries, and employs more than 1,200 people.

In March the company settled claims from the Commodity Futures Trading Commission (CFTC) concerning falsification of trading activity data from January 2015 to September 2018. The fine amounted to $6.5 million. At the time, commentators described this as the main reason for moving the direct listing to April.

Ahead of the historic event, Coinbase hired former senior SEC official Brett Redfearn and former Morgan Stanley top executive Ian Rooney.

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