Which cryptocurrency exchange went public via direct listing in 2021? Coinbase.
Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase grew into one of the best-known U.S. platforms for buying, selling, and storing digital assets. Its business expanded sharply as cryptocurrency use and prices surged, especially during 2020 and early 2021.
Coinbase chose a direct listing rather than a conventional initial public offering. On April 14, 2021, its existing shares began trading on Nasdaq under the ticker COIN. A direct listing allows existing shareholders to sell shares without the company issuing a large batch of new shares through underwriters, although Coinbase had previously raised private capital.
A common mix-up is calling the event a traditional IPO. Coinbase went public, but technically used a direct listing. Robinhood, another prominent financial app that listed later in 2021, used a conventional IPO instead. Coinbase’s debut reference price was $250 per share, and it closed its first trading day at $328.28.