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Report: Coinbase cryptocurrency exchange debut postponed to April




Investors keen to get their hands on Coinbase Global stock once the company goes public will have to wait a little longer than initially expected. According to a report released on Monday by Bloomberg and citing “people familiar with the matter,” the cryptocurrency exchange delayed its direct public offering (DPO) to a point in April. Coinbase previously planned to launch its number this month.

Unlike an initial public offering (IPO) subscribed (i.e. initially subscribed and sold by underwriters of investment banks), a DPO is when a company sells its shares directly to investors through an exchange, in the case of Coinbase Nasdaq. Coinbase will be the first major company to adopt a DPO issue routed through the Nasdaq; the previous ones were made via the New York Stock Exchange.

Bitcoin symbol composed of colored spheres.

Image source: Getty Images.

Coinbase is a top-tier cryptocurrency exchange, having started in 2012 as an online marketplace for Bitcoin (CRYPTO: BTC). It now offers a wide variety of cryptocurrencies, although Bitcoin is still by far the most traded.

Thanks in large part to the popularity of Bitcoin in recent times, Coinbase has been very profitable lately. In 2020, it posted a net profit of more than $ 322 million, compared to a loss of more than $ 30 million the year before. Meanwhile, revenues doubled and then some during that time to reach $ 1.14 billion.

Coinbase has yet to comment on Bloomberg’s story. In its latest DPO prospectus, the company announced its intention to sell 114.9 million shares of its issue. It has not yet set a price per share.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a premium Motley Fool consulting service. Were motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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