Coinbase, a cryptocurrency trading platform, has selected exchange operator Nasdaq for its planned Class A direct listing on the stock market.
According to media reports, on January 25, on the Nasdaq Private Market platform, Coinbase shares were listed in the secondary securities market, thanks to which the holders of these shares were able to sell them.
The Nasdaq Private Market also offers initial public offering (IPO) and preliminary IPO services to companies. However, Coinbase dropped this model in favor of direct listing. The exchange’s management believes that this is the best option for a company that is interested in providing liquidity for its shareholders, rather than raising new capital.
Coinbase shares on the Nasdaq Private Market traded at $ 200. Given that 254 million shares were issued, the company’s estimated valuation 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. on the other hand, listing Coinbase on the Nasdaq would be a big win for the exchange in itself.
Coinbase and Nasdaq declined to comment on this information. Earlier, the head of Nasdaq Adena Friedman (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.