Coinbase Global Inc, (COIN)

Coinbase Global, the largest U.S. cryptocurrency brokerage, on Wednesday submitted plans to sell 114.9 million shares in a direct-listing initial public offering that could value the company at more than $100 billion. Coinbase said it plans to sell up to 114.9 million shares as part of its NASDAQ direct listing. Coinbase will list on the NASDAQ with the ticker “COIN.” Direct listings, which differ from traditional IPOs, aim to level the playing field for investors and give companies another path to going public.

Coinbase, founded in 2012, is the largest cryptocurrency exchange in the United States. It’s seen surging revenues this year thanks to a climb in the value of bitcoin and other cryptocurrencies. The company reported estimated revenues of $1.8 billion in the first quarter of 2021, a nine-fold increase from the same period a year earlier, while profits grew to between $730 million and $800 million.

The San Francisco-based company has raised some $537.4 million from early stage private investors. Its last round, which raised $300 million in 2018, valued Coinbase at $8 billion. Investors include Andreessen Horowitz, Tiger Global, IVP and Ribbit Capital.

NASDAQ on set a starting reference price of $250 per share for Coinbase Global Inc, projecting a value for the largest U.S. cryptocurrency exchange at $49.19 billion ahead of its landmark stock market debut. Coinbase Global (COIN) shares ended their first day of trading at $328.28 apiece, falling below their opening price of $381.

Crypto investors are hailing the Coinbase debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.