- A historic moment for the entire crypto community draws near as Coinbase is about to go public
- SEC has greenlit the move enabling the largest US cryptocurrency exchange to be publicly traded
- April 14 is set as the Initial Public Offering date (IPO)
Ever since Bitcoin’s genesis block was mined by its mysterious creator Satoshi Nakamoto in early 2009, the cryptocurrency has come a long way. Today, several hundred crypto exchanges trade in volumes of tens of billions of dollars each day. However, Bitcoins’ regulation has always been the Achilles heel of governments all over the world. But recent developments show that a harmonious existence of virtual tokens with traditional financial ecosystems is possible.
April 14 – the big day
Coinbase is currently the largest cryptocurrency exchange operating on US soil. It is currently implicitly valued at about $90 billion. The SEC accepted the firm’s registration statement on April 1, effectively allowing its stocks to be listed on the NASDAQ exchange. The firm’s top-tier management has set a date for commencing trades of its Class A common stock on April 14 on the NASDAQ exchange via a direct listing. Stocks will be traded under the symbol ‘COIN’. That leaves hardly two weeks for the firm to debut on the public exchange.
A kerfuffle marred the firm’s previous attempt at an IPO with the US Commodity Futures Trading Commission (CFTC). The agency undertook some enforcement action leading to the company pushing its IPO date from the first week of March. It also ended up paying a hefty fine of $6.5 million to the CFTC on accounts of “reckless and false reporting along with wash trading”. However, the firm considers that problem solved, and it is unlikely that the CFTC will throw up any more roadblocks for the April 14 IPO. The firm also stated plans to set up an office in India amid concerns of cryptos‘ potential ban in the country.
Crypto community excited
Eager crypto enthusiasts are highly anticipating the IPO as the day draws closer. Social media is abuzz with excitement relating to the news. Several industry veterans have also expressed their greetings to the company, including Michael Saylor, MicroStrategy’s CEO with a treasury containing close to 100,000 Bitcoins. He stated that the IPO would improve Bitcoin’s popularity and help develop corresponding crypto industries.
The IPO is a huge step for the company and would improve cryptocurrency’s overall conditions worldwide by encouraging its mass adoption.
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