Media: Coinbase to pursue direct listing on Nasdaq, reports say.

The largest U.S. cryptocurrency exchange Coinbase has chosen Nasdaq as the venue for going public via a [simple_tooltip content=’the process of a company going public in which existing shares are sold by shareholders rather than newly issued shares’]direct listing[/simple_tooltip]. The Block reported this, citing sources familiar with the situation.

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On January 25, Nasdaq Private Market launched a secondary market for Coinbase shares. Existing shareholders of the cryptocurrency exchange were able to sell their holdings before Coinbase became public.

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According to sources, one Coinbase share on Nasdaq Private Market was valued at $200. Together with 254 million outstanding shares, this implies a market capitalization of about $50.8 billion. On the FTX derivatives exchange, this valuation stands at futures on Coinbase stock priced at $277.

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As reported in July 2020, Reuters, citing sources, reported that the company was preparing to float shares on the stock market.

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In December, analysts conservatively valued Coinbase’s potential market capitalization after going public at $28 billion.

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