No. 1 U.S. cryptocurrency exchange Coinbase Global (COINB) has reportedly decided to stage its highly anticipated direct listing on the Nasdaq instead of the New York Stock Exchange, which has played host to other hot direct listings in the past.
Online publication The Block, which covers blockchain, cited two unnamed sources as saying that Coinbase has decided against going to the NYSE, which in recent years handled direct listings for popular tech names like Spotify (NYSE:SPOT) and Slack (NYSE:WORK).
The Block had previously reported that Coinbase had chosen the Nasdaq Private Market as a secondary market for its stock, giving pre-IPO shareholders like employees with vested shares a way to sell before the public listing. Read more…..
Chart of the Day
It’s been a volatile few months for bitcoin. In January 2021, it surged past $40,000 a coin but has since fallen sharply from its record high. Skeptics worry bitcoin is in a bubble, but Wall Street giants like Citi and JPMorgan think the cryptocurrency still has a lot of room to run higher.