Coinbase Global Inc, one of the most important Bitcoin exchanges in the world, received approval from the United States Securities and Exchange Commission (SEC) to go public on the Nasdaq stock market index through a direct listing, according to Reuters. It is expected to start trading on April 14 under the symbol “COIN”
Coinbase’s arrival in public markets is a momentary move for the Bitcoin industry. As one of the oldest bitcoin exchanges in the United States, launched in June 2012, Coinbase has 43 million verified users globally and $ 90 billion in assets held in custody on the platform. Coinbase’s entry into the public market is a new milestone for an industry that continues to grow and gain popular acceptance.
Coinbase’s pre-IPO contracts, traded on FTX under the ticker “CBSE”, currently have the company valued at a market capitalization of $ 116.75 billion at the time of writing. This highlights the bullish sentiment and high investor expectations for Coinbase. To put it in context, Goldman Sachs, a pillar of the legacy financial system, is valued at a market capitalization of $ 112.35 billion at the time of writing.
Industry experts expect Coinbase to be the first domino, with many other industry leaders emerging shortly thereafter.