Leading US-based crypto exchange Coinbase is reportedly preparing for a stock market listing.
Citing people familiar to the matter, Reuters reports that the San Francisco-based company is looking to go public as early as this year.
The firm is reportedly opting for a direct listing, instead of an initial public offering (IPO). Unlike traditional IPOs, which call for the issuance of new securities, direct listing involves the secondary sale of existing shares owned by founders and investors.
Although the report does not reveal its sources by name, Coinbase CEO Brian Armstrong has long been interested in making the crypto firm a public company. During the TechCrunch Disrupt SF 2018, he said he wants to take Coinbase public, possibly on the blockchain.
“You know, we’ve been profitable for quite a while. We don’t have any plans to raise additional capital at this point, but never say never… Someday I’d love to run a public company.”
The listing requires the approval of the U.S. Securities and Exchange Commission (SEC), which is yet to issue specific regulatory guidance on crypto assets.
Coinbase will become the first major US cryptocurrency exchange to go public if the agency greenlights its plan.