The Bitcoin and cryptomoney giant wants its place on the stock exchange
A crypto-bourse soon in … stock exchange ? – On Thursday, December 17, Coinbase announced on its Twitter account and on its blog the filing of Form S-1 with the SEC. This document expresses its desire to be listed on the stock market. According to the firm, the document will become effective as soon as the SEC completes its review.
A favourable context for listing…
Coinbase is now considered to be the most important crypto stock exchange in the United States. Several services are offered there, aimed at Bitcoin Circuit both individuals and professionals (Coinbase and Coinbase Pro). 40 cryptomonnages are currently available on the platform, and this number is growing every day. The company is valued at 8 billion dollars and has 35 million users in 100 countries.
At the same time, Bitcoin crossed the 20,000 dollar mark on Wednesday to reach a new record of 23,700 dollars
This growth was mainly caused by the massive arrival of individual customers, but especially institutional customers.
The introduction of Coinbase therefore comes at a key moment, when prices and volumes traded are very high. A godsend for the crypto-bourse, which derives most of its income from brokerage fees and commissions.
… but nothing is ever certain!
At this stage, the SEC has not yet ruled on the Coinbase case, and the application could very well be rejected. Nevertheless, the company could pursue its objective through a direct listing, in which it would sell its shares directly to the public. This solution has recently been used, notably by Spotify and Slack.
Coinbase has also been affected in recent months by questions about the treatment of its employees. At the end of 2018 and beginning of 2019, the company experienced the departure of 15 black employees. At least 11 of them had informed the human resources department or their managers of what they considered to be racist or discriminatory treatment.
If the SEC gives its approval, Coinbase will be the first American crypto stock exchange to go public (classic). This is an important milestone for the crypto-cash industry. Some analysts even anticipate record profitability if the project comes to fruition.