The arrival Wednesday of cryptocurrency exchange Coinbase on Nasdaq is one of the most anticipated events of the year on Wall Street, where enthusiasm for record-breaking bitcoin is in full swing, despite questions about the sustainability of the market.
The first company devoted entirely to cryptocurrency to enter the US stock exchange, Coinbase — which will be listed under the symbol COIN — is already a heavyweight.
Estimates vary depending on the method of calculation, but its capitalization is expected to range from $70 to $100 billion, the largest IPO for a US company since Facebook in 2012.
Coinbase chose a direct listing, which does not allow it to raise new funds but does offer current shareholders — founders, employees and historical investors — the opportunity to sell their stocks on the market. Spotify, Slack, Palantir and Roblox had also used this method for their Wall Street debuts.
Nearly 115 million Coinbase shares will be put on the market. Their reference price will be announced Tuesday evening.
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