Coinbase Global, which operates a cryptocurrency exchange and digital currency wallets, announced on Thursday that it expects its shares to begin trading on Thursday, April 14 under the symbol COIN, in connection with its direct listing on the Nasdaq.
In connection with its listing, the company's Registered Stockholders plan to sell up to 115 million Class A shares. The Registered Stockholders represent most major existing shareholders, including management.
While the company had an internal valuation of $54.80 at year-end, this year as Bitcoin prices (and trading volumes) have soared, Coinbase shares changed hands in the 1Q21 between $200 and $375 as of its latest filing, with a volume weighted-average price of $343.58. At the VWAP, it would command a fully diluted market value of about $85 billion. If it listed its shares at $54.80, it would command a fully diluted market value of about $14 billion.
Coinbase Global was founded in 2012 and booked $1.3 billion in sales for the 12 months ended December 31, 2020. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Goldman Sachs, J.P. Morgan, Allen & Company, and Citi are serving as financial advisors.
