Financial giant Goldman Sachs is set to lead the preparations for the initial public offering (IPO) of US crypto exchange Coinbase.
After confidentially filing its preliminary regulatory paperwork with the US Securities and Exchange Commission (SEC), Coinbase has reportedly hired Goldman Sachs to handle the company’s public listing, according to Reuters.
Coinbase would be the first US-based exchange to list on the stock market.
Coinbase started planning for its stock market debut back in July, says Reuters. At the time, the crypto exchange leaned towards a direct listing rather than an IPO. It is unclear as of yet which path Coinbase will take for its IPO.
Coinbase announced the filing of a draft registration with the SEC on December 18th in a blog post. As one of the leading crypto exchange platforms, Coinbase Pro has a trading volume of $1.89 billion over a 24-hour period, according to CoinMarketCap. It has more than $25 billion in assets from over 35 million verified users on its platform. Based on its 2018 valuation, Coinbase was worth $8 billion.
After its IPO, Coinbase could be valued at $28 billion, according to Messari.
“Recently the company shuffled its board to include venture capitalist Marc Andreessen and Google veteran Gokul Rajaram along with former Cisco CFO Kelly Kramer in what appears to be final preparations for an offering that could see the company valued at $28 billion.”
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