Coinbase Registers 114.9M Shares for Public Listing

Cryptocurrency exchange Coinbase has filed an amended prospectus for its much-anticipated public offering with the U.S. Securities and Exchange Commission.

• TheS-1a form, published Wednesday, states Coinbase plans the resale of 114,850,769 shares of Class A common stock for a proposed maximum offering price of $943,218,155.
• That value is only a guide because it will depend on the pricing of the shares at the time of the offering.
• The offering would take place on the Nasdaq Global Select Market with the ticker symbol “COIN.”
• No date has been provided for the offering in the filing, though it is expectedwithin weeks.
• The company will be treated as an “emerging growth company.”
• Bloomberg has put the firm’s valuation atnear $100 billion.
• Infinancial detailsprovided in the prospectus, the exchange says it took $1.14 billion in net revenue for 2020 and held assets worth $90.3 billion. It now has 43 million verified users.Asreportedby CoinDesk previously, the firm’s prospectus provides a long list of risk factors, including decentralized exchanges and the identify of Bitcoin inventor Satoshi Nakamoto being revealed.
• Rumors first emerged Coinbase was exploring a direct listing on a U.S. stock exchangelast summer, though the company didn’t confirm the news until December.