Coinbase Office in San Francisco.
Photographer: Michael Short / Bloomberg
Photographer: Michael Short / Bloomberg
Coinbase Global Inc., the largest cryptocurrency exchange in the United States, plans to go public through a direct listing, the company said in a statement Thursday.
The San Francisco-based company had previously filed its registration documents with the U.S. Securities and Exchange Commission, though it had not specified that it would pursue a direct quote instead of a standard initial public offering.
Coinbase will join a handful of consumer-oriented technology companies, including Spotify Technology SA which has been made public through direct listings. The online video game company Roblox Corp. it has also announced that it is planning a direct listing, having delayed its IPO and privately raised capital.
Read more: Cryptocurrency Exchange Coinbase Says Presented to the Public (2)
The SEC has approved a proposal from the New York Stock Exchange to allow companies to raise principal while they trade directly, which had previously been a significant disadvantage in obviating a IPO.