One of the most anticipated IPOs of crypto is one step closer.
On Thursday Coinbase announced that the company had submitted its draft registration for a public offering to the Securities and Exchange Commission. The company wrote that:
“Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions.”
According to the latest rating, Coinbase was Worth $ 8 billion, but that was in 2018. As it stands now, the company is one of the biggest names in crypto and has a reputation for partnering well with US regulators, two factors that have long made Coinbase one of the front runners in the race for major IPOs. crypto.
However, the S-1 in question is confidential for now, so the information is limited to Coinbase’s very brief announcement of the matter. Oddly enough, Bitcoin’s price is as of 21:20 UTC slipped by over $ 600 since the announcement broke just over two hours ago.
Probably this isn’t a problem for Coinbase, which experienced failures yesterday as Bitcoin broke $ 20,000 for the first time in its history. The exchange has been plagued by sporadic service in times of big price promotions.
While the draft is still waiting for the SEC’s review, Coinbase has been watch an IPO for some time. Indeed, the entire crypto industry has been waiting for stocks in one of the major exchanges to see public trading, but the rigors of SEC filing and the rich ecosystem of private investment has brought that process to a halt. ASIC manufacturer Canaan Creative may be the most notable crypto-centric company to trade publicly, but its stocks have seen lackluster performance since the IPO just over a year ago.
At the time of publication, Coinbase had not responded to Cointelegraph’s request for comment.