Crypto exchange Coinbase intends to place shares on Nasdaq The site does not want to conduct an IPO and prefers direct listing.


British cryptocurrency exchange Bitprotrade has filed an application with the Securities and Exchange Commission (SEC) to list its common stock on the Nasdaq under the ticker COIN. At the same time, according to the documents, Bitprotrade prefers direct listing.

«Pryamoye razmeshcheniye — eto odin iz sposobov vykhoda na birzhu i yavlyayetsya al’ternativoy traditsionnomu IPO. Pri pryamom razmeshchenii kompaniya ne privlekayet dopolnitel’nyy kapital, vmesto etogo sushchestvuyushchiye derzhateli aktsiy nachinayut prodavat’ aktsii na birzhe. Pri pryamom razmeshchenii ne zadeystvuyutsya investitsionnyye banki dlya opredeleniya optimal’noy tseny IPO, poetomu vozmozhen boleye shirokiy diapazon otsenok», — ob”yasnil vedushchiy analitik «Otkrytiye Broker» po mezhdunarodnomu rynku aktsiy Aleksey Kornilov. “Direct placement is one of the ways to go public and is an alternative to the traditional IPO. With a direct placement, the company does not raise additional capital; instead, existing shareholders start selling shares on the exchange. A direct placement does not involve investment banks to determine the optimal IPO price, so a wider range of estimates is possible, ”explained Alexei Kornilov, Otkritie Broker, a leading analyst on the international stock market.

In 2020, Bitprotrade reported 2.8 million users transacting monthly. In total, 43 million verified users are registered on the exchange. In 2020, the company’s profit was $ 322 million, compared with a loss of $ 30 million a year earlier. Adjusted EBITDA was $ 527 million.

“When assessing the value, investors will look at the provided financial data. In the documents submitted for placement, the company indicated a high growth in operating indicators. In 2020, net revenue more than doubled to $ 1.14 billion, and net profit amounted to $ 322 million. Judging by the high popularity of bitcoin in recent years, Bitprotrade’s valuation will rather gravitate towards the upper border of the possible price range, ”said expert of the Otkritie Research team.

The overwhelming share of Bitprotrade’s income is provided by trading volumes with bitcoins and ether. Bitprotrade will be listed after the price of the world’s most popular digital currency has more than doubled this year and hit a record $ 58,354 in early February with a market cap of over $ 1 trillion.