On Thursday, Coinbase announced that the company had sent its draft registration for a public offering to the Securities and Exchange Commission. The company wrote:
“The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions.”
According to Cointelegraph, Coinbase was worth $8 billion in 2018. As it stands, the company is one of the largest names in crypto and has a reputation for working well with U.S. regulators.
Nevertheless, the S-1 in question is confidential for the time being, so information is limited to Coinbase’s very brief announcement of the matter. Surprisingly, Bitcoin’s price has, as of 21:20 UTC, slipped by over $600 since the announcement broke just over two hours ago.
Most likely, this is not a problem for Coinbase, which experienced outages yesterday as Bitcoin broke $20,000 for the first time in its history. The exchange has been plagued with sporadic service during times of major price action. Though the draft is still awaiting the SEC’s review, Coinbase has been eyeing an IPO for a while. In fact, the whole crypto industry has been waiting for shares in any of the major exchanges to see public trading, but the rigors of SEC registration