Coinbase to Sell 114.9 Million Shares Via Direct-Listing IPO

Coinbase Global, the largest U.S. cryptocurrency brokerage, on Wednesday submitted plans to sell 114.9 million shares in a direct-listing initial public offering that could value the company at more than $100 billion.

In an amended S-1 filing with the Securities and Exchange Commission, Coinbase said it plans to sell up to 114.9 million shares as part of its Nasdaq direct listing. Coinbase will list on the Nasdaq with the ticker “COIN.” The company initially announced its intentions to go public in December.

Coinbase said low and high sales prices of its Class A and Class B common stock in private transactions during the first quarter were $200 and $375.01, respectively, with a volume-weighted price per share of $343.58.

However, the company cautioned that recent trading prices in private transactions may have little or no relation to the company’s opening public price. The filing didn’t indicate a trading date.

Direct listings, which differ from traditional IPOs, aim to level the playing field for investors and give companies another path to going public. In December, the SEC approved a rule change from the New York Stock Exchange to allow direct floor listings.


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