Digital forex exchange Coinbase announced Thursday that it be in search of to go public through a direct itemizing, skirting the traditional IPO route.
Founded in 2012, Coinbase has grown to develop to be the largest digital forex exchange within the U.S., and is hitting the public market amid renewed investor hobby in cryptocurrencies. Bitcoin is trading over $32,0000, up over 260% within the past year.
Coinbase is jumping on the vogue of companies picking direct listings rather than IPOs to avoid diluting their present shareholders and handing over cheap stock to original investors. Spotify was the first significant tech company to go that route in 2018. Since then, Slack, Palantir and Asana have followed, and game company Roblox expects to pursue a direct itemizing next month.
Coinbase announced its original intent to go public in mid-December.