The cryptocurrency trading platform Coinbase announced on Thursday its IPO in the United States, at a key moment for the main electronic currency, bitcoin, whose value has been at highs, although with strong volatility, since the beginning of March. The operation will take place on April 14 and the company will be listed on the Nasdaq technology index, according to the company.
The IPO of the largest cryptocurrency trader in the US will be carried out through direct listing, an alternative formula to the Public Offering of Sale (IPO) in which no new shares are created and through which the company does not expect to raise new capital. , as stated on previous occasions. Through direct listing, investors can start selling their shares as soon as the company goes public, rather than waiting for a lockdown period, which is typically up to six months in an IPO, to expire.
According to Bloomberg data released in mid-March, Coinbase’s median share price between January and March 15 was $ 343.58, giving the company a public market valuation of about $ 67.6 billion. (€ 57.5 billion), based on the total number of shares outstanding up to that date.
Coinbase’s go-to-market had previously been delayed. As with other direct quotes, the day before the IPO a reference price will be released to guide investors, according to sources familiar with the operation.
The debut will be the first major direct listing on the Nasdaq. All previous IPOs with this formula occurred on the New York Stock Exchange, such as those of Spotify, Slack and Palantir.
The latest Coinbase accounts revealed that the company has profits, unlike many of the start-up that make their debut on the stock market. The firm founded in 2012 went from a loss to earn $ 322 million (€ 274 million) last year, with revenues that more than doubled to $ 1.14 billion (€ 970 million).
This Tuesday the company will give a conference with investors where it will announce the results of the first quarter and its forecasts for the rest of 2021.