The management of the cryptocurrency trading platform Coinbase has chosen the Nasdaq exchange operator for the planned direct placement of Class A shares on the stock market.
According to media reports, on January 25, on the Nasdaq Private Market platform, Coinbase shares were presented on the secondary securities market, thanks to which the holders of these shares were able to sell them.
Nasdaq Private Market also offers companies services related to initial public offerings (IPOs) and pre-IPOs. However, Coinbase abandoned this model, preferring a direct listing. The exchange’s management believes that this is the best option for a company that is interested in providing liquidity to its shareholders, rather than raising new capital.
Coinbase shares were trading at $200 on the Nasdaq Private Market. Considering that 254 million shares were issued, the estimated valuation of the company is more than $50 billion. However, this figure is too small when you consider that on the FTX exchange, contracts for Coinbase shares are traded at $277, and the market capitalization of the exchange is estimated at $70 billion. Still, Coinbase’s listing on the Nasdaq will be a big win for the exchange itself.
Coinbase and Nasdaq declined to comment. Earlier, the head of Nasdaq, Adena Friedman, said that the stock exchange is making every effort to provide conditions for the development of cryptocurrencies. Friedman believes that digital assets should become part of the global economy.