Crypto-currency exchange Coinbase has registered 114,850,769 shares of Class A common stock for direct listing on the Nasdaq Stock Exchange pursuant to an amended S-1 filing with the U.S. Securities and Exchange Commission.
Coinbase announced its intention to go public as early as December 2020, when it first filed registration forms with the US Securities and Exchange Commission (SEC). By early March, the share price in private trading had reached $375, giving the company a pre-IPO valuation of about $100 billion at that point.
The updated S-1 offering assumes a volume-weighted average price per share of $343.58, based on private market transactions for the first quarter of 2021. The papers say:
Based on information available to us, the lowest and highest sales prices per share of A common stock and per share of B common stock (as converted) for these private transactions in the first quarter of 2021 (through March 15, 2021) were $200.00 and $375.01, respectively. The volume weighted average price per share for the first quarter of 2021 (ended March 15, 2021) was $343.58.
According to CoinMarketCap, Coinbase had a pre-market FTX price of $445 at the time of publication.
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