Coinbase Backers Register 114.9 Million Shares for Listing

Photographer: Michael Short/Bloomberg

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Coinbase Global Inc.’s backers registered for as many as 114.9 million shares to trade in the direct listing of the cryptocurrency exchange, in the latest test of an alternative way to debut in the public markets.

Investment firms including Andreessen Horowitz and Union Square Ventures are among those whose shares could trade, according to a regulatory filing Wednesday. Chief Executive Officer Brian Armstrong and Coinbase co-founder Fred Ehrsam have also registered stock.

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Brian Armstrong, co-founder and CEO of Coinbase

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