Coinbase office in San Francisco.
Photographer: Michael Short / Bloomberg
Photographer: Michael Short / Bloomberg
Coinbase Global Inc., the largest U.S. cryptocurrency exchange, plans to go public via direct listing, the company said in a statement. statement on Thursday.
The San Francisco-based company previously filed its registration documents with the U.S. Securities and Exchange Commission, although it had not specified that it would pursue a direct listing rather than a standard initial public offering.
Coinbase will join a handful of primarily consumer-facing tech companies, including Spotify Technology SA made public through direct listings. Online video game company Roblox Corp. has also announced that it is planning a direct listing, having previously slowed its IPO and raised private capital.
Read More: Cryptocurrency Exchange Coinbase Says It Has Been Filed To Go Public (2)
The SEC has approved a proposal from the New York Stock Exchange to allow companies to raise primary capital while directly listing, which was previously a significant drawback of bypassing an IPO.