Coinbase files for IPO

The largest U.S. cryptocurrency exchange Coinbase has filed with the U.S. Securities and Exchange Commission (SEC) a preliminary registration statement for an initial public offering on the S-1 form, according to a post on the company’s blog.

“The S-1 form is expected to take effect after the SEC completes its review, in line with market and other conditions,” the notice says.

Under the the S-1 form, the company is required to disclose basic information about its assets and business; information about management and independent-auditor-verified financial statements. Registration documents typically also include information on the total number of shares offered and the price per share.

Messari analysts valued Coinbase’s potential market capitalization after achieving public status at $28 billion.

Following Coinbase’s IPO announcement, we value the company at $28 billion. Coinbase is one of the most prominent exchanges with $1 billion daily volume in Dec-20.
Check out our model and edit it to your own assumptions. https://t.co/BQeSAxUd5j

— Mira Christanto (@asiahodl) December 18, 2020

Rumors about Coinbase preparing for an IPO appeared in the media as early as October 2018. At that time, chief operating officer and president of the platform Asiff Hirji indirectly confirmed them, signaling that this was not a matter for the near future. At that time the exchange was valued at $8 billion.

In July this year, speculation on the topic revived. Reuters, citing its own sources, reported that Coinbase’s IPO could take place this year via a direct listing.

In September, Mark Andreessen, co-founder of venture capital firm Andreessen Horowitz, joined Coinbase’s board of directors as an observer.

In November, Coinbase’s head of institutional sales, Brett Tejpal, said that the value of assets held in the company’s custody service increased from $6 billion in April to $20 billion.

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