Coinbase direct listing said to be delayed until April


Photographer: Tiffany Hagler-Geard / Bloomberg

Coinbase Global Inc., America’s Largest Cryptocurrency Exchange, Now aiming to It was made public in April after its plans for a direct listing this month slipped, according to people familiar with the matter who asked not to be identified because it was private.

The US Securities and Exchange Commission has been reviewing the company’s plans for a direct listing, an alternative to a traditional initial public offering.

A representative for Coinbase declined to comment.

This week, Coinbase backers registered as many as 114.9 million shares to trade when the shares trade. In a direct listing, investors can start selling their holdings as soon as a company begins trading rather than waiting for a lockout period to expire, usually until six months in an IPO.

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Investment firms like Andreessen Horowitz and Union Square Ventures are among those whose shares could be traded, according to a regulatory filing Wednesday. CEO Brian Armstrong and Coinbase co-founder Fred Ehrsam have also registered shares.

Shares of Coinbase have changed hands at $ 200 to $ 375.01 in private transactions this year, the filing shows. The volume-weighted average price per share for transactions from January to March 15 was $ 343.58, which would give Coinbase a public market valuation of approximately $ 67.6 billion, based on the total number of shares in circulation until Monday. Fully diluted value, including employee incentive plans and restricted stock units, would be significantly higher.

Read more: Coinbase said to be valued at $ 90 billion in private auction

The debut will be the first major direct listing on the Nasdaq. All of those previous listings were on the New York Stock Exchange, including those of Spotify Technology SA, Slack Technologies Inc., Asana Inc., Palantir Technologies Inc. and Roblox Corp., which were listed this month.

Coinbase’s latest financial statements revealed that the company is making money, which sets it apart from many other startups when they make their public debut. Coinbase went from a loss to a gain of $ 322 million last year in net income that doubled to $ 1.14 billion.

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