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Coinbase Receives Approval From SEC, Sets Stage for Landmark Crypto Listing

The largest US crypto exchange, Coinbase Global Inc, received the seal of approval from the US SEC which now permits it to list its shares on Nasdaq, thus paving the way for what is a landmark victory in the crypto sphere.

The firm has plans to go public via direct listing and will list its shares on the Nasdaq under the ticker “COIN” on April 14th.

As part of a direct listing, no shares can be sold in advance, as it happens with initial public offerings (IPO). This means that the share price of the company is being determined by orders that come into the stock exchange, with many claiming that it is a better way to price new stock rather than an IPO.

According to a regulatory filing from March, Coinbase declared that its stock in the private market was being traded at a weighted average price of $343.58 in the Q1 of 2021, almost a 13-fold jump in its valuation to close to $68 billion in just a few months.

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