Coinbase, the largest digital asset trading platform in the US, has filed an updated S-1 document with the Securities and Exchange Commission. The amended document indicates that Coinbase will float 114,850,769 shares on the NASDAQ in an initial public offering (IPO). Coinbase expects to trade in a direct listing under the symbol of “COIN.” The initial S-1 was revealed last month.
Coinbase reports over 43 million users completed 2.8 monthly transactions. Coinbase has a lifetime trading volume of $456 billion and reports $90 billion in assets on the platform.
Coinbase becoming a publicly-traded company represents a significant milestone in the fast growing digital asset sector of Fintech. The young industry was represented by Bitcoin followed by Ethereum and the emergence of smart contracts. The initial coin offering era was indicative of the growing interest in this new asset class that went from a wild west environment to a highly regulated industry. The IPO of Coinbase will be closely watched globally and will help define the digital asset industry going forward.
Of note, founder and CEO Brian Armstrong currently holds 21.5% of voting power (Class A and Class B shares). Marc Andreessen personally holds 14.1% voting power and entities affiliated with Andreessen Horowitz hold another 14.1%.
Coinbase should commence trading on NASDAQ within the next few weeks.
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