(Bloomberg) — Coinbase Global Inc.’s backers registered for as many as 114.9 million shares to trade in the direct listing of the cryptocurrency exchange, in the latest test of alternative ways to come to the public markets.
Investment firms including Andreessen Horowitz and Union Square Ventures are among those whose shares could trade, according to a regulatory filing Wednesday. Chief Executive Officer Brian Armstrong and Coinbase co-founder Fred Ehrsam have also registered stock.
Coinbase shares have changed hands at $200 to $375.01 in private transactions this year, the filing shows. The volume-weighted average price per share for transactions from January through March 15 was $343.58, indicating that the shares registered for trading could be valued at about $39.5 billion.
Volumes on private markets are usually lower than major stock exchanges, so the trades aren’t a perfect picture of the shares’ current worth.
Read more: Coinbase Is Said to Be Valued at $90 Billion in Private Auction
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