Top crypto exchange Coinbase is announcing that it has received approval from the U.S. Securities and Exchange Commission (SEC) to go public.
In a new blog post, Coinbase says that the SEC has accepted their request to go public via direct listing, which will take place on April 14th. Its Class A common stock will list on the Nasdaq under the ticker symbol COIN.
Coinbase initially filed its Form S-1 back in December of 2020 and has reportedly been preparing to go public since July of last year.
According to news outlet Axios, Coinbase will enter the market with a $100 billion valuation based on the company’s performance during a private market share sale preceding its public launch.
That value would place the company at the 147th spot on the list of top stocks by market cap, right below retail outlet Target. The company will also launch with a higher valuation than any other US-based tech company since Facebook in 2012.
Coinbase currently has 43 million verified users and has done nearly half a trillion dollars worth of volume since its launch in 2012.
The firm manages $90 billion worth of assets on the platform and operates in over 100 countries. Coinbase will be the first US-based crypto exchange to go public.