Cryptocurrency exchange Coinbase is preparing for a public offering. The company has filed preliminary documents with the US Securities and Exchange Commission (SEC).
According to the article in Coinbase blog, the company is preparing to enter the stock market and has submitted the relevant preliminary documents the SEC. According to the statement:
“Form S-1 will become legal after the SEC completes the review process, subject to market and other conditions.”
Coinbase said the documents filed with the SEC are confidential. This is the first official step towards a public offering. The document, which likely includes the target amount of the placement, is not publicly available.
It’s unclear if Coinbase is going to go public through an IPO or direct listing. As Reuters reported this summer, Coinbase was looking into a possible listing on the stock exchange. Unnamed sources then stated that Coinbase was considering a direct listing rather than an initial public offering. Form S-1 is required for both IPO and direct listing on the stock exchange.
The documents submitted by Coinbase are confidential – their content will only be released three weeks before a possible listing, when the firm tries to attract potential investors.
More and more companies related to cryptocurrency are seeking to get listed on stock exchanges. In June, Bithumb filed for an IPO in South Korea, and in April, mining company Ebang announced a planned US IPO.