Coinbase’s San Francisco office.
Photographer: Michael Short / Bloomberg
Photographer: Michael Short / Bloomberg
Coinbase Global Inc., the largest cryptocurrency exchange in the United States, is planning to go public through a direct listing, the company said in a statement. statement on Thursday.
The San Francisco-based company had previously filed its registration documents with the United States Securities and Exchange Commission, although it did not specify that it would seek a direct listing instead of a standard initial public offering.
Coinbase will join a handful of technology companies primarily focused on the consumer, including Spotify Technology SA made public through direct listings. Online video game company Roblox Corp. also announced that it is planning a direct listing after delaying its IPO and raising capital privately.
Read more: Cryptocurrency Exchange Coinbase says it is archived to go public (2)
The SEC approved a proposal from the New York Stock Exchange to allow companies to raise primary capital while listing directly, which was previously a significant disadvantage to circumvent an IPO.